When it comes to residential leasehold premises in Brynford, you are actually buying an entitlement to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than 80 years left. Residents in Brynford with a lease drawing near to 81 years left should seriously consider extending it sooner rather than later. Once the lease term has fewer than eighty years left, under the current legislation the landlord is entitled to calculate and demand a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
Leasehold premises in Brynford with in excess of one hundred 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Using our service will provide you enhanced control over the value of your Brynford leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted negotiations with the freeholder of her garden apartment in Brynford, Nicole initiated the lease extension process as the eighty year deadline was quickly coming. The legal work was concluded in May 2006. The freeholder’s charges were kept to an absolute minimum.
In 2012 we were contacted by Mr and Mrs. T Davis who, having took over the lease of a recently refurbished apartment in Brynford in April 1997. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Identical premises in Brynford with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 invoiced every twelve months. The lease terminated in 2095. Having 70 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
Last Christmas we were contacted by Dr Rory Torres , who owned a purpose-built flat in Brynford in November 2006. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparative homes in Brynford with an extended lease were in the region of £246,800. The mid-range ground rent payable was £60 collected monthly. The lease concluded on 25 January 2075. Considering the 50 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 plus fees.