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Main reasons to start your Bromham lease extension

Main reasons to start your Bromham lease extension today:

Increase your lease and increase your Bromham property value

The market value of Bromham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than 80 years

Bromham property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining 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.

Lenders may not finance a property on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the financial worth of your property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Bromham?

Irrespective of whether you are a tenant or a landlord in Bromham,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 Bromham valuers.

Bromham Lease Extension Case Studies:

Riley, Bromham, Bedfordshire,

Riley was the the leasehold proprietor of a 2 bedroom apartment in Bromham being marketed with a lease of a few days over 59 years remaining. Riley informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Riley to exercise his statutory right. Riley procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Bromham case:

Mr and Mrs. L Flores owned a one bedroom flat in Bromham in April 2003. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar premises in Bromham with a long lease were in the region of £171,800. The average amount of ground rent was £55 billed annually. The lease expired on 9 July 2075. Taking into account 50 years unexpired we calculated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including legals.

Bromham case:

In 2013 we were called by Dr T Stewart who, having acquired a studio apartment in Bromham in July 1995. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparable properties in Bromham with an extended lease were in the region of £280,000. The mid-range ground rent payable was £45 collected annually. The lease concluded in 2095. Having 70 years unexpired we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.