Main reasons to commence your Brundall lease extension

Main reasons to start your Brundall lease extension today:

A Brundall lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Brundall. Clearly, the term of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying leaseholders in Brundall have the legal entitlement to extend the lease for an additional ninety years under statute. Please give due consideration before delaying your Brundall lease extension. Holding off the cost now only increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold premises in Brundall with in excess of 100 years unexpired 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 situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to grant a mortgage on a short lease

Lending institutions have set criteria when loaning funds charged on leasehold homes. Many will simply refuse lend at all once an unexpired lease term goes under a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Brundall home.

What makes us experts in Brundall lease extensions?

The conveyancers that we work with handle 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.

Brundall Lease Extension Case Studies:

Kirsty, Brundall, Norfolk,

Off the back of unsuccessful correspondence with the freeholder of her basement apartment in Brundall, Kirsty commenced the lease extension process just as the lease was approaching the critical 80-year mark. The transaction completed in January 2010. The landlord’s charges were negotiated to about 550 GBP.

Brundall case:

Last year we were phoned by Mr and Mrs. K Lefèvre , who was assigned a lease of a one bedroom apartment in Brundall in July 2007. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable properties in Brundall with an extended lease were worth £290,000. The average ground rent payable was £45 billed per annum. The lease concluded on 7 August 2098. Having 72 years left we calculated the premium to the landlord to extend the lease to be between £11,400 and £13,200 not including professional charges.

Brundall case:

In 2011 we were approached by Ms Phoebe Baker who, having completed a garden flat in Brundall in February 2008. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative residencies in Brundall with 100 year plus lease were valued around £233,200. The average ground rent payable was £60 billed yearly. The lease came to a finish in 2087. Given that there were 61 years left we calculated the premium to the landlord for the lease extension to be within £22,800 and £26,400 plus expenses.