Broseley leases on residential properties are gradually losing value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be payable. Flat owners in Broseley will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
The lawyers that we work with procure Broseley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Following unsuccessful correspondence with the freeholder of her purpose-built apartment in Broseley, Katherine started the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The transaction was finalised in August 2008. The landlord’s fees were negotiated to under 650 pounds.
Ms C Moore took over the lease of a first floor apartment in Broseley in November 2000. The question was if we could approximate the premium would be to extend the lease by an additional years. Comparative properties in Broseley with 100 year plus lease were in the region of £218,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease ran out on 22 April 2089. Taking into account 63 years remaining we estimated the premium to the landlord to extend the lease to be between £17,100 and £19,800 plus costs.
Last Summer we were approach by Ms A Harris , who took over the lease of a purpose-built apartment in Broseley in June 2000. The question was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable premises in Broseley with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 billed every twelve months. The lease ended on 4 January 2100. Given that there were 74 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.