Brantham leases on residential deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the current lease falls under 80 years - otherwise a higher premium will be due. Flat owners in Brantham will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In certain situations you may not be entitled. There are also strict timetables and formalities to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| 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 Brantham can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.
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 Brantham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn George, came precariously near to the eighty-year mark with the lease on his purpose- built flat in Brantham. In buying his flat two decades ago, the lease term was of little concern. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for a lease extension. George was able to extend his lease just under the wire last September. George and the freeholder subsequently settled on the final figure of £6,000 . If he failed to meet the deadline, the figure would have increased by at least £900.
Last year we were called by Mr and Mrs. G Norbert , who was assigned a lease of a garden apartment in Brantham in April 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Similar properties in Brantham with a long lease were worth £275,000. The average amount of ground rent was £55 invoiced per annum. The lease termination date was on 4 April 2103. Considering the 77 years remaining we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.
Last Autumn we were e-mailed by Mr and Mrs. G Bell , who purchased a garden apartment in Brantham in March 1998. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Identical residencies in Brantham with an extended lease were worth £183,600. The average amount of ground rent was £65 billed annually. The lease concluded in 2083. Having 57 years left we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.