Main reasons to commence your Brigg lease extension

Why you should start your Brigg lease extension today:

Increase your lease and increase your Brigg property value

Chances are that where you own a flat in Brigg you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Brigg with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to issue a mortgage on a short lease

Lending institutions have set criteria when loaning monies secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term falls beneath a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Brigg property.

Get in touch with one of our Brigg lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Brigg,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brigg valuers.

Brigg Lease Extension Example Cases:

Ethan, Brigg, Lincolnshire,

Ethan was the the leasehold proprietor of a high value apartment in Brigg on the market with a lease of fraction over fifty eight years unexpired. Ethan informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Ethan to invoke his statutory right. Ethan procured expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

Brigg case:

Last October we were approach by Dr Y Gunderson , who bought a basement apartment in Brigg in August 2010. We are asked if we could approximate the price would be to prolong the lease by ninety years. Similar premises in Brigg with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 collected every twelve months. The lease concluded in 2103. Given that there were 77 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.

Brigg case:

Last October we were e-mailed by Mr and Mrs. V Khan , who moved into a one bedroom flat in Brigg in April 2010. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparative homes in Brigg with an extended lease were in the region of £181,200. The average amount of ground rent was £65 collected every twelve months. The lease lapsed in 2082. Having 56 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 plus expenses.