Brampton leases on residential properties are gradually losing value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease drops under eighty years - otherwise a higher premium will be due. Leasehold owners in Brampton will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and formalities to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.
Leasehold properties in Brampton with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Brampton can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Brampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful negotiations with the landlord of her one bedroom flat in Brampton, Chantelle initiated the lease extension process as the 80 year mark was swiftly nearing. The transaction completed in May 2012. The landlord’s charges were kept to an absolute minimum.
In 2013 we were e-mailed by Mr T Girard who, having took over the lease of a garden apartment in Brampton in July 2008. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Comparable premises in Brampton with a long lease were in the region of £198,800. The average amount of ground rent was £55 collected quarterly. The lease finished in 2081. Given that there were 55 years outstanding we approximated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus legals.
Last Autumn we were approach by Ms Isobel James , who completed a studio apartment in Brampton in August 2008. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable residencies in Brampton with an extended lease were valued around £300,000. The mid-range amount of ground rent was £50 collected quarterly. The lease terminated in 2101. Given that there were 75 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.