Braunstone leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Braunstone will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some cases you may not be entitled. There are prescribed timetables and procedures to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Braunstone with over 100 years outstanding 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Braunstone can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 a wealth of experience dealing with Braunstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy negotiations with the freeholder of her purpose-built apartment in Braunstone, Alexandra initiated the lease extension process just as her lease was coming close to the all-important 80-year threshold. The legal work was finalised in August 2007. The freeholder’s charges were negotiated to less than 450 GBP.
Dr Mollie Murphy bought a basement flat in Braunstone in July 1997. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Similar homes in Braunstone with a long lease were in the region of £275,000. The average ground rent payable was £55 billed per annum. The lease came to a finish on 6 November 2102. Taking into account 76 years left we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.
In 2011 we were phoned by Mr and Mrs. P Allen who, having completed a studio flat in Braunstone in July 2011. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Similar flats in Braunstone with a long lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease expired on 7 October 2082. Taking into account 56 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 not including expenses.