Main reasons to start your Broadstairs lease extension

Top reasons for lease extension now:

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

Broadstairs leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Broadstairs residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Broadstairs you would be well advised to check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

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

Leasehold residencies in Broadstairs with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to lend on a short lease

Most banks and building societies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Broadstairs property being difficult to sell or to obtain finance on.

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

Using our service will provide you better control over the value of your Broadstairs leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Broadstairs Lease Extension Example Cases:

Naomi, Broadstairs, Kent,

Trailing protracted negotiations with the landlord of her leasehold flat in Broadstairs, Naomi started the lease extension process just as the lease was nearing the all-important eighty-year threshold. The legal work was concluded in March 2008. The landlord’s charges were kept to an absolute minimum.

Broadstairs case:

In 2010 we were contacted by Dr O Morris who, having acquired a first floor apartment in Broadstairs in April 2010. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable residencies in Broadstairs with 100 year plus lease were valued around £300,000. The average ground rent payable was £50 invoiced yearly. The lease came to a finish in 2102. Having 76 years left we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.

Broadstairs case:

Last Summer we were approach by Dr Abbie Mitchell , who was assigned a lease of a one bedroom flat in Broadstairs in June 2001. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Comparable homes in Broadstairs with a long lease were in the region of £257,800. The mid-range ground rent payable was £65 billed monthly. The lease lapsed on 18 March 2091. Considering the 65 years unexpired we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of fees.