Why you should commence your Brantham lease extension

Why you should commence your Brantham lease extension today:

A Brantham lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Brantham you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage with a short lease

Lending institutions have set criteria when lending funds charged on leasehold property. Some will simply not lend at all once the residual lease term slips beneath a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Brantham home.

What makes us experts in Brantham lease extensions?

Lease extensions in Brantham can be a difficult process. We recommend you get professional help 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.

Brantham Lease Extension Case Summaries:

Oliver, Brantham, Suffolk,

Oliver owned a studio flat in Brantham being marketed with a lease of a little over sixty years unexpired. Oliver informally spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Oliver to invoke his statutory right. Oliver procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Brantham case:

In 2011 we were called by Ms H Martínez who, having completed a one bedroom apartment in Brantham in July 2010. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical premises in Brantham with a long lease were in the region of £227,800. The average amount of ground rent was £45 invoiced monthly. The lease ran out on 24 June 2091. Given that there were 65 years left we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus professional charges.

Brantham case:

Last Spring we were phoned by Mrs Bethany Roux , who acquired a studio flat in Brantham in September 2000. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparative homes in Brantham with a long lease were in the region of £275,000. The average amount of ground rent was £55 collected quarterly. The lease end date was in 2102. Given that there were 76 years left we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.