Why you should commence your Brantham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brantham property value

The only way is down when it comes to Brantham lease terms. Brantham leaseholds that have a residual term less than than eighty years will reduce in market price even faster, and the cost to extend your lease will rise.

Brantham property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Brantham with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders will not issue a mortgage with a short lease

The trend since 2008 has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Get in touch with one of our Brantham lease extension solicitors or enfranchisement solicitors

Lease extensions in Brantham can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Brantham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brantham Lease Extension Case Studies:

Tommy, Brantham, Suffolk

Half a year ago Tommy, started to get close to the 80-year threshold with the lease on his two bedroom flat in Brantham. Having purchased his home 18 years ago, the unexpired term was of little importance. Fortunately, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Tommy was able to extend his lease just ahead of time in March. Tommy and the freeholder in the end agreed on sum of £5,000 . If he not met the deadline, the premium would have escalated by a minimum £875.

Brantham case:

In 2011 we were phoned by Mr and Mrs. R Parker who, having moved into a ground floor apartment in Brantham in February 2007. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative flats in Brantham with an extended lease were in the region of £264,000. The average amount of ground rent was £60 billed quarterly. The lease terminated in 2079. Given that there were 53 years outstanding we calculated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 plus professional charges.

Brantham case:

Last year we were contacted by Mr and Mrs. A Edwards , who took over the lease of a first floor apartment in Brantham in July 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Comparable residencies in Brantham with an extended lease were worth £225,400. The mid-range amount of ground rent was £45 invoiced monthly. The lease concluded on 9 March 2090. Having 64 years remaining we approximated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 not including legals.