Main reasons to commence your Brynford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brynford property value

Brynford leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Brynford will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold homes. Many will simply refuse lend at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Brynford home.

Why use us for your lease extension in Brynford?

Using our service will provide you increased control over the value of your Brynford leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Brynford Lease Extension Example Cases:

Kyle, Brynford, Flintshire

18 months ago Kyle, started to get close to the 80-year threshold with the lease on his garden apartment in Brynford. Having purchased his home two decades ago, the lease term was of little relevance. Thankfully, he recognised he needed to take action soon on Extending the lease. Kyle extended the lease just under the wire in April. Kyle and the freeholder via the managing agents subsequently settled on a premium of £5,000 . If the lease had slid to less than 80 years, the price would have increased by at least £850.

Brynford case:

In 2013 we were contacted by Mrs E Ramírez who, having moved into a purpose-built apartment in Brynford in July 1996. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable premises in Brynford with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease lapsed in 2103. Having 77 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.

Brynford case:

In 2013 we were phoned by Mrs Freya Watson who, having was assigned a lease of a ground floor apartment in Brynford in March 1995. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Similar residencies in Brynford with a long lease were in the region of £183,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease elapsed in 2083. Taking into account 57 years left we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus professional charges.