Brundall leases on residential properties are gradually losing value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Brundall will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and formalities to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Brundall with more than one hundred years outstanding 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 reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Virgin |
The lawyers that we work with undertake Brundall 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 conveyancing solicitor we work with provide it.
Jake was the the leasehold owner of a conversion flat in Brundall being sold with a lease of a few days over 61 years left. Jake on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Jake to exercise his statutory right. Jake procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.
Last year we were called by Ms Alexandra Laurent , who was assigned a lease of a basement flat in Brundall in January 2011. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical flats in Brundall with 100 year plus lease were in the region of £189,000. The average ground rent payable was £55 collected quarterly. The lease lapsed in 2079. Taking into account 53 years outstanding we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus legals.
Last July we were contacted by Mr Jamie Cox , who was assigned a lease of a one bedroom flat in Brundall in May 2006. The question was if we could estimate the premium could be for a 90 year lease extension. Similar premises in Brundall with a long lease were valued around £290,000. The average amount of ground rent was £45 invoiced quarterly. The lease came to a finish on 17 September 2099. Having 73 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.