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Why you should start your Bradley Stoke lease extension

Why you should start your Bradley Stoke lease extension today:

A Bradley Stoke leasehold property depreciates with the years remaining on the lease.

The value of Bradley Stoke leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Bradley Stoke with in excess of 100 years unexpired 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 premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lenders may decide not to issue a mortgage with a short lease

Nearly all mortgage lenders will be unwilling to lend on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Bradley Stoke property becoming difficult to dispose of or remortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Bradley Stoke lease extensions?

Retaining our service gives you better control over the value of your Bradley Stoke leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bradley Stoke Lease Extension Case Summaries:

Robyn, Bradley Stoke, Bristol,

Trailing unsuccessful negotiations with the freeholder of her studio apartment in Bradley Stoke, Robyn initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The transaction was finalised in October 2012. The landlord’s costs were restricted to a tad over 550 GBP.

Bradley Stoke case:

In 2012 we were approached by Ms S Wood who, having owned a studio flat in Bradley Stoke in October 2007. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative flats in Bradley Stoke with 100 year plus lease were worth £280,000. The average amount of ground rent was £45 collected per annum. The lease ended on 5 February 2094. Given that there were 70 years left we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.

Bradley Stoke case:

Ms M Lefebvre moved into a one bedroom apartment in Bradley Stoke in October 1998. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical properties in Bradley Stoke with an extended lease were in the region of £218,400. The mid-range amount of ground rent was £60 invoiced monthly. The lease elapsed in 2083. Considering the 59 years left we calculated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 exclusive of expenses.