Unfortunately that a Brinsworth residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Brinsworth property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. The majority of leasehold owners in Brinsworth will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the process.
Leasehold premises in Brinsworth with more than one hundred years unexpired 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 premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Brinsworth can be a difficult process. We recommend you procure 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 Brinsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the freeholder of her studio apartment in Brinsworth, Mia started the lease extension process as the eighty year threshold was rapidly advancing. The lease extension was finalised in September 2011. The freeholder’s fees were negotiated to below 650 GBP.
In 2014 we were phoned by Mr Harrison Martínez who, having bought a garden apartment in Brinsworth in May 2001. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable flats in Brinsworth with a long lease were in the region of £280,000. The average amount of ground rent was £55 invoiced annually. The lease came to a finish in 2103. Given that there were 77 years left we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.
Last year we were e-mailed by Ms N Flores , who completed a first floor flat in Brinsworth in July 2010. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Brinsworth with an extended lease were worth £183,600. The mid-range ground rent payable was £65 billed yearly. The lease expired on 19 April 2083. Given that there were 57 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of professional charges.