Why you should start your Brandesburton lease extension

Why you should commence your Brandesburton lease extension today:

Increase your lease and increase your Brandesburton property value

Brandesburton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Brandesburton tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Brandesburton you would be well advised to check if your lease has between 70 and ninety years left. There are good reasons why a Brandesburton flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay

Brandesburton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years left once the mortgage has expired. Given that many flats in Brandesburton were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Brandesburton lease extensions?

Engaging our service gives you better control over the value of your Brandesburton leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brandesburton Lease Extension Case Summaries:

Ben, Brandesburton, East Yorkshire

14 months ago Ben, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Brandesburton. In buying his flat twenty years previously, the lease term was of minimal significance. Luckily, he realised he would soon be paying an inflated amount for Extending the lease. Ben was able to extend his lease just ahead of time in January. Ben and the freeholder via the managing agents eventually agreed on an amount of £5,000 . If he not met the deadline, the figure would have become more costly by at least £975.

Brandesburton case:

In 2012 we were approached by Dr Mollie Reed who, having was assigned a lease of a first floor apartment in Brandesburton in March 1995. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Brandesburton with 100 year plus lease were valued around £174,200. The average ground rent payable was £55 invoiced every twelve months. The lease finished on 23 July 2077. Having 51 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.

Brandesburton case:

Last March we were phoned by Dr Ollie Bell , who took over the lease of a studio apartment in Brandesburton in May 1996. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative homes in Brandesburton with a long lease were worth £285,000. The mid-range ground rent payable was £45 collected quarterly. The lease lapsed on 15 February 2097. Given that there were 71 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.