Top reasons for Brigg lease extension

Main reasons to start your Brigg lease extension today:

A Brigg leasehold property depreciates with the years remaining on the lease.

Brigg residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

Brigg property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be conscious that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the value of your property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Brigg?

Engaging our service gives you increased control over the value of your Brigg leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brigg Lease Extension Case Summaries:

Zachary, Brigg, Lincolnshire

During the course of the last few months Zachary, came seriously close to the 80-year threshold with the lease on his two bedroom apartment in Brigg. In buying his home 18 years ago, the unexpired term was of little significance. Luckily, he became aware that he would soon be paying an inflated amount for Extending the lease. Zachary was able to extend his lease just under the wire in May. Zachary and the freeholder eventually settled on a premium of £6,000 . If he had missed the deadline, the price would have increased by at least £875.

Brigg case:

In 2009 we were phoned by Dr Oliver François who, having purchased a one bedroom apartment in Brigg in September 1999. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Identical properties in Brigg with 100 year plus lease were worth £225,400. The average amount of ground rent was £45 collected annually. The lease lapsed in 2090. Having 64 years outstanding we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 not including legals.

Brigg case:

Last Christmas we were called by Dr P Thompson , who took over the lease of a studio flat in Brigg in July 2012. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable residencies in Brigg with a long lease were valued around £270,000. The average amount of ground rent was £55 invoiced annually. The lease expired in 2101. Taking into account 75 years unexpired we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.