Brandon 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 gets more expensive. It is the case that most Brandon tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Brandon you really ought to check if your lease has between 70 and 90 years remaining. There are good reasons why a Brandon flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Brandon can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in lease extensions.
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 Brandon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jason owned a high value flat in Brandon being marketed with a lease of a little over 61 years left. Jason informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Jason to exercise his statutory right. Jason obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
In 2014 we were e-mailed by Mr Ollie Wright who, having acquired a first floor apartment in Brandon in July 1998. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparative flats in Brandon with 100 year plus lease were worth £218,000. The mid-range ground rent payable was £45 collected monthly. The lease finished in 2089. Taking into account 63 years remaining we calculated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 not including professional charges.
Last April we were approach by Mr and Mrs. U King , who was assigned a lease of a one bedroom flat in Brandon in November 2005. The dilemma was if we could estimate the price would likely be for a 90 year lease extension. Comparative flats in Brandon with a long lease were valued about £265,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease concluded in 2100. Given that there were 74 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.