Why you should commence your Braunstone lease extension

Main reasons to commence your Braunstone lease extension today:

A Braunstone leasehold property depreciates with the years remaining on the lease.

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

An extended lease has roughly the same value as a freehold

Leasehold residencies in Braunstone with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to issue a mortgage on a short lease

Almost all mortgage companies will not lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Braunstone property becoming difficult to sell or to obtain finance on.

What makes us experts in Braunstone lease extensions?

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

Braunstone Lease Extension Case Summaries:

Mason, Braunstone, Leicestershire,

Mason was the the leasehold proprietor of a 2 bedroom apartment in Braunstone being sold with a lease of just over sixty years left. Mason on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Mason to exercise his statutory right. Mason procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.

Braunstone case:

In 2012 we were called by Dr Georgina Green who, having took over the lease of a newly refurbished flat in Braunstone in February 1999. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative homes in Braunstone with 100 year plus lease were valued about £225,400. The average amount of ground rent was £45 invoiced quarterly. The lease came to a finish in 2090. Taking into account 64 years unexpired we estimated the premium to the landlord to extend the lease to be between £16,200 and £18,600 plus fees.

Braunstone case:

Last April we were called by Dr Y Hall , who acquired a purpose-built flat in Braunstone in May 1995. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical flats in Braunstone with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 collected yearly. The lease termination date was on 13 October 2101. Taking into account 75 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.