Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Brockenhurst. Inevitably, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Brockenhurst have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give due attention before delaying your Brockenhurst lease extension. Holding off that expense now only increases the price you will eventually have to pay for a lease extension
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly 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 decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Brockenhurst can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.
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 procuring Brockenhurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Samuel, came seriously close to the eighty-year mark with the lease on his one bedroom apartment in Brockenhurst. In buying his flat two decades ago, the length of the lease was of minimal interest. by good luck, he recognised he needed to take action soon on Extending the lease. Samuel extended the lease just in the nick of time in July. Samuel and the landlord in the end agreed on sum of £6,000 . If he failed to meet the deadline, the figure would have become more costly by at least £875.
In 2010 we were approached by Dr S Collins who, having bought a studio flat in Brockenhurst in February 2000. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar flats in Brockenhurst with 100 year plus lease were worth £267,600. The mid-range ground rent payable was £65 billed per annum. The lease terminated on 23 October 2093. Given that there were 67 years left we calculated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 not including costs.
Last Autumn we were phoned by Mr T David , who completed a purpose-built flat in Brockenhurst in May 2002. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical residencies in Brockenhurst with a long lease were in the region of £206,200. The mid-range amount of ground rent was £55 collected monthly. The lease finished in 2082. Considering the 56 years as a residual term we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus legals.