Chances are that if you own a flat in Brinsworth you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Lease extensions in Brinsworth can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 procuring Brinsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joshua was the the leasehold proprietor of a conversion flat in Brinsworth being sold with a lease of just over 72 years left. Joshua informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms 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 Joshua to invoke his statutory right. Joshua obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
Mr and Mrs. M Bonnet acquired a recently refurbished apartment in Brinsworth in April 1996. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Identical residencies in Brinsworth with 100 year plus lease were in the region of £227,800. The average amount of ground rent was £45 collected annually. The lease termination date was in 2091. Considering the 65 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus costs.
Mrs Jasmine Anderson owned a purpose-built apartment in Brinsworth in June 2012. The dilemma was if we could approximate the price could be to extend the lease by a further 90 years. Comparable premises in Brinsworth with a long lease were worth £275,000. The average ground rent payable was £55 collected per annum. The lease elapsed on 22 April 2102. Having 76 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.