Brinsworth leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Brinsworth will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s best to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Brinsworth can be a difficult process. We recommend you get professional help from a lawyer 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 in-depth market knowledge 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.
Finn was the the leasehold proprietor of a studio flat in Brinsworth being marketed with a lease of just over 72 years left. Finn informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Finn to exercise his statutory right. Finn procured expert legal guidance and secured an acceptable deal informally and sell the property.
In 2010 we were approached by Mr and Mrs. L Khan who, having took over the lease of a purpose-built apartment in Brinsworth in September 2000. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative premises in Brinsworth with a long lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected annually. The lease concluded on 25 November 2093. Having 68 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.
Mr and Mrs. R Williams moved into a studio flat in Brinsworth in July 1995. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Brinsworth with an extended lease were in the region of £285,000. The average ground rent payable was £55 invoiced per annum. The lease expired on 2 April 2104. Having 79 years remaining we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including professional charges.