Top reasons for Broadstairs lease extension

Main reasons to commence your Broadstairs lease extension today:

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

Broadstairs residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not grant a mortgage on a short lease

Most banks and building societies will not grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Broadstairs property being difficult to dispose of or refinance.

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

Irrespective of whether you are a tenant or a landlord in Broadstairs,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Broadstairs valuers.

Broadstairs Lease Extension Example Cases:

Phoebe, Broadstairs, Kent,

Off the back of protracted discussions with the landlord of her first floor apartment in Broadstairs, Phoebe initiated the lease extension process as the eighty year threshold was quickly nearing. The transaction was finalised in September 2014. The freeholder’s fees were kept to an absolute minimum.

Broadstairs case:

Last February we were phoned by Mrs J Flores , who completed a studio apartment in Broadstairs in January 2008. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparable premises in Broadstairs with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expired in 2094. Having 68 years left we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.

Broadstairs case:

Last Summer we were phoned by Mr and Mrs. H Harris , who was assigned a lease of a ground floor flat in Broadstairs in September 2009. The question was if we could approximate the price would likely be to extend the lease by 90 years. Similar homes in Broadstairs with 100 year plus lease were worth £208,600. The average ground rent payable was £60 invoiced quarterly. The lease came to a finish in 2083. Given that there were 57 years unexpired we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of fees.