The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Brynford can extend the lease for an additional ninety years under statute. Do think carefully before delaying your Brynford lease extension. Shelving the costs now simply increases the price you will ultimately be required to pay to extend the lease.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
The lawyers that we work with procure Brynford 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.
In recent months Liam, started to get near to the eighty-year mark with the lease on his one bedroom apartment in Brynford. Having purchased his home twenty years ago, the lease term was of minimal interest. Luckily, he noticed he needed to take steps soon on Extending the lease. Liam arranged for a lease extension just ahead of time last June. Liam and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If he had missed the deadline, the amount would have gone up by at least £1,150.
Ms T Cox owned a one bedroom apartment in Brynford in September 2005. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparative properties in Brynford with an extended lease were in the region of £210,600. The average ground rent payable was £45 billed per annum. The lease came to a finish on 14 October 2086. Considering the 62 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 plus costs.
In 2012 we were approached by Mr and Mrs. S Brooks who, having moved into a purpose-built flat in Brynford in May 1998. The question was if we could estimate the price would likely be to prolong the lease by 90 years. Similar flats in Brynford with a long lease were worth £265,000. The average ground rent payable was £50 collected yearly. The lease elapsed on 25 September 2097. Considering the 73 years remaining we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.