Main reasons to commence your Brown Edge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brown Edge property value

Brown Edge leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Brown Edge 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 Brown Edge you should see if your lease has between seventy and ninety years left. There are compelling reasons why a Brown Edge leaseholder with a lease having around eighty years unexpired should take steps to make sure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Brown Edge with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not issue a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be deficient for lending purposes.

What makes us experts in Brown Edge lease extensions?

The conveyancers that we work with handle Brown Edge 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 lawyer we work with provide it.

Brown Edge Lease Extension Case Summaries:

Megan, Brown Edge, Staffordshire,

Off the back of unsuccessful correspondence with the landlord of her basement apartment in Brown Edge, Megan started the lease extension process just as the lease was nearing the critical 80-year deadline. The legal work was concluded in June 2009. The freeholder’s charges were negotiated to less than 650 pounds.

Brown Edge case:

In 2012 we were e-mailed by Dr G Green who, having moved into a one bedroom apartment in Brown Edge in June 2005. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Brown Edge with a long lease were worth £208,200. The average amount of ground rent was £65 invoiced quarterly. The lease elapsed in 2087. Given that there were 61 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 exclusive of costs.

Brown Edge case:

Last year we were phoned by Mr Isaac Morris , who bought a one bedroom apartment in Brown Edge in September 1998. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Similar homes in Brown Edge with a long lease were worth £260,000. The average ground rent payable was £50 billed every twelve months. The lease ended in 2098. Having 72 years as a residual term we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.