Broughton Astley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Broughton Astley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Broughton Astley you would be well advised to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Broughton Astley leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay
Leasehold properties in Broughton Astley with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Broughton Astley can be a difficult process. We recommend you secure 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 procuring Broughton Astley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oliver owned a 2 bedroom flat in Broughton Astley being sold with a lease of a little over 61 years remaining. Oliver on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Oliver to exercise his statutory right. Oliver procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
In 2014 we were called by Mr and Mrs. S Brooks who, having acquired a one bedroom flat in Broughton Astley in February 2003. The dilemma was if we could estimate the price would be to extend the lease by a further 90 years. Similar homes in Broughton Astley with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease elapsed on 18 October 2098. Considering the 72 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.
Last Autumn we were phoned by Mr Logan Lee , who bought a garden apartment in Broughton Astley in February 2004. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative properties in Broughton Astley with 100 year plus lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced per annum. The lease ran out on 6 January 2087. Having 61 years outstanding we approximated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 plus costs.