The market value of Brynford 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 increase substantially once the unexpired lease term is less than 80 years
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Brynford can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 Brynford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the landlord of her purpose-built apartment in Brynford, Jodie commenced the lease extension process as the 80 year threshold was rapidly coming. The legal work was concluded in July 2011. The landlord’s fees were restricted to slightly above 450 GBP.
Last Summer we were phoned by Mr B Michel , who took over the lease of a one bedroom apartment in Brynford in September 2008. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparative properties in Brynford with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 billed per annum. The lease terminated on 21 June 2098. Taking into account 73 years remaining we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.
Last Autumn we were contacted by Mr S White , who bought a one bedroom apartment in Brynford in July 2004. The question was if we could approximate the premium could be to extend the lease by ninety years. Similar properties in Brynford with an extended lease were worth £264,000. The average ground rent payable was £60 invoiced per annum. The lease lapsed on 12 August 2078. Having 53 years remaining we calculated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 plus professional charges.