Stop! Your Lease Extension in Bromham Could Be FREE

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Many leaseholders in Bromham are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Bromham has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Bromham lease extension

Why you should commence your Bromham lease extension today:

A Bromham lease depreciates with the years remaining on the lease.

The only way is down when it comes to Bromham lease terms. Bromham flats that have a residual term shorter than 80 years will de-escalate in value even faster, and the cost of extending your lease will go up.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders may decide not to lend with a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically mortgage companies would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Lease extensions in Bromham can be a difficult process. We recommend you get guidance from a lawyer and surveyor 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 dealing with Bromham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bromham Lease Extension Example Cases:

Freya, Bromham, Bedfordshire,

Following lengthy correspondence with the freeholder of her studio apartment in Bromham, Freya initiated the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The lease extension was concluded in April 2008. The landlord’s fees were negotiated to below six hundred pounds.

Bromham case:

In 2009 we were called by Ms T Richardson who, having took over the lease of a one bedroom flat in Bromham in June 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Comparable premises in Bromham with a long lease were in the region of £205,000. The average ground rent payable was £50 collected per annum. The lease terminated on 3 October 2105. Taking into account 79 years remaining we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.

Bromham case:

Last Christmas we were called by Mr Theo Ward , who was assigned a lease of a first floor apartment in Bromham in March 2003. The question was if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Similar homes in Bromham with 100 year plus lease were valued around £275,000. The average ground rent payable was £65 invoiced monthly. The lease expired in 2094. Having 68 years unexpired we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.