Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Branston. Inevitably, the period of lease remaining shortens over time. This is often overlooked and only becomes a problem when the residence needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Branston have the legal entitlement to extend the lease for a further 90 years in accordance with statute. Do give careful deliberation before putting off your Branston lease extension. Holding off the cost now only increases the price you will ultimately have to pay for a lease extension
Leasehold properties in Branston with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Retaining our service gives you better control over the value of your Branston leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her purpose-built apartment in Branston, Isabelle started the lease extension process as the eighty year deadline was swiftly coming. The legal work was concluded in November 2005. The freeholder’s charges were negotiated to below 550 GBP.
In 2009 we were phoned by Dr T Nguyen who, having completed a first floor apartment in Branston in October 1996. The question was if we could approximate the premium could be for a 90 year lease extension. Identical residencies in Branston with an extended lease were valued about £237,600. The mid-range ground rent payable was £45 collected every twelve months. The lease terminated in 2093. Considering the 67 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 exclusive of costs.
Last Winter we were contacted by Ms T Rodríguez , who moved into a garden apartment in Branston in September 2011. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Branston with an extended lease were worth £280,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease concluded on 23 August 2104. Considering the 78 years remaining we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.