Why you should commence your Bromley lease extension

Why you should start your Bromley lease extension today:

Increase your lease and increase your Bromley property value

For anyone whose Bromley property is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension.

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to loan monies on a short lease

Many mortgage companies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Bromley property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Bromley?

Lease extensions in Bromley can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.

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 Bromley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bromley Lease Extension Case Studies:

Henry, Bromley, South East London

Last year Henry, came critically close to the eighty-year mark with the lease on his purpose- built apartment in Bromley. Having bought his flat two decades ago, the unexpired term was of little concern. Fortunately, he recognised he would imminently be paying an escalated premium for Extending the lease. Henry extended the lease at the eleventh hour last April. Henry and the freeholder in the end settled on sum of £5,500 . If he not met the deadline, the price would have escalated by a minimum £1,150.

Bromley case:

In 2009 we were contacted by Ms Isobel Martin who, having moved into a basement apartment in Bromley in October 1997. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Similar premises in Bromley with 100 year plus lease were valued around £261,600. The mid-range ground rent payable was £60 collected quarterly. The lease terminated on 22 February 2078. Having 52 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of expenses.