The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Brackla have the legal entitlement to extend the lease for an additional ninety years in accordance with legislation. Do give careful consideration before delaying your Brackla lease extension. Shelving that expense now simply escalates the amount you will eventually have to pay to extend the lease.
Leasehold residencies in Brackla with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| 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. |
| 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 |
| 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. |
Lease extensions in Brackla can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 dealing with Brackla lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Austin was the the leasehold owner of a conversion apartment in Brackla on the market with a lease of a little over 61 years unexpired. Austin informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 annually. No ground rent would be due on a lease extension were Austin to exercise his statutory right. Austin procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.
Last Summer we were called by Mr W Green , who completed a purpose-built flat in Brackla in January 2006. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Identical flats in Brackla with an extended lease were valued around £261,600. The average amount of ground rent was £60 billed yearly. The lease terminated in 2077. Taking into account 52 years left we calculated the premium to the freeholder for the lease extension to be within £39,000 and £45,000 not including expenses.
Last month we were e-mailed by Dr K Vincent , who was assigned a lease of a purpose-built flat in Brackla in July 2006. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparative properties in Brackla with 100 year plus lease were worth £218,000. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish in 2088. Taking into account 63 years left we calculated the premium to the landlord to extend the lease to be between £17,100 and £19,800 exclusive of legals.