Main reasons to commence your Brough lease extension

Main reasons to start your Brough lease extension today:

Increase your lease and increase your Brough property value

Brough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Brough tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Brough you really ought to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Brough leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

Brough property with a lease extension is almost the same value as a freehold

Leasehold properties in Brough with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not grant a mortgage with a short lease

Many banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so if they can't secure a mortgage, then the financial worth of your property could suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Brough lease extensions?

The conveyancing solicitors that we work with handle Brough 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.

Brough Lease Extension Example Cases:

Grace, Brough, East Yorkshire,

Subsequent to protracted discussions with the freeholder of her basement flat in Brough, Grace commenced the lease extension process as the 80 year mark was quickly nearing. The legal work was concluded in July 2011. The landlord’s costs were kept to an absolute minimum.

Brough case:

In 2009 we were approached by Ms M Patel who, having bought a studio apartment in Brough in May 1995. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable homes in Brough with an extended lease were valued about £233,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease elapsed on 6 February 2087. Taking into account 61 years left we calculated the premium to the landlord to extend the lease to be within £22,800 and £26,400 not including fees.

Brough case:

Last Spring we were called by Dr Blake Lefebvre , who owned a garden apartment in Brough in March 2003. The question was if we could estimate the price would be to extend the lease by ninety years. Similar residencies in Brough with 100 year plus lease were valued about £171,800. The mid-range ground rent payable was £55 collected every twelve months. The lease expiry date was on 14 April 2076. Taking into account 50 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus legals.