Main reasons to start your Braunton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Braunton property value

Braunton leases on domestic properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Braunton will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not loan monies with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Braunton property becoming difficult to dispose of or refinance.

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

The conveyancing solicitors that we work with undertake Braunton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Braunton Lease Extension Case Summaries:

Nathaniel, Braunton, Devon

Last year Nathaniel, came very close to the 80-year mark with the lease on his garden apartment in Braunton. Having bought his home two decades ago, the length of the lease was of little relevance. Luckily, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Nathaniel was able to extend his lease at the eleventh hour in September. Nathaniel and the landlord ultimately agreed on a premium of £5,500 . If the lease had slipped below eighty years, the figure would have become more exhorbitant by at least £1,050.

Braunton case:

In 2010 we were approached by Mr Rory Laurent who, having moved into a basement apartment in Braunton in March 2011. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Comparative residencies in Braunton with 100 year plus lease were worth £243,000. The average amount of ground rent was £65 collected quarterly. The lease elapsed on 3 June 2089. Considering the 63 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including costs.

Braunton case:

Last Christmas we were called by Mr and Mrs. N Scott , who completed a one bedroom flat in Braunton in November 1995. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable homes in Braunton with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 collected yearly. The lease ran out in 2078. Taking into account 52 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of fees.