Top reasons for Brinsworth lease extension

Why you should start your Brinsworth lease extension today:

A Brinsworth lease depreciates with the years remaining on the lease.

Brinsworth leases on residential properties are gradually losing value. Where your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the current lease falls under 80 years - otherwise a higher amount will be payable. Flat owners in Brinsworth will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.

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

Leasehold residencies in Brinsworth with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage on a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Brinsworth were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Brinsworth lease extensions?

Retaining our service gives you enhanced control over the value of your Brinsworth leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Brinsworth Lease Extension Example Cases:

Noah, Brinsworth, South Yorkshire

In 2014 Noah, came dangerously near to the eighty-year threshold with the lease on his ground floor flat in Brinsworth. In buying his flat two decades ago, the lease term was of little significance. Thankfully, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Noah was able to extend his lease at the eleventh hour in July. Noah and the freeholder subsequently settled on the final figure of £5,500 . If he failed to meet the deadline, the sum would have gone up by a minimum £1,075.

Brinsworth case:

Dr Gemma Fournier completed a one bedroom flat in Brinsworth in August 2009. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Comparative homes in Brinsworth with an extended lease were valued around £191,000. The average amount of ground rent was £65 invoiced every twelve months. The lease expiry date was on 1 February 2084. Taking into account 58 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 not including expenses.

Brinsworth case:

In 2012 we were called by Dr T Alexander who, having acquired a one bedroom apartment in Brinsworth in June 2007. The question was if we could estimate the price would be to extend the lease by an additional years. Comparative homes in Brinsworth with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 billed yearly. The lease concluded on 5 June 2095. Given that there were 69 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.