Why you should start your Brislington lease extension

Why you should start your Brislington lease extension today:

Increase your lease and increase your Brislington property value

As the the remaining lease term of a Brislington residential lease decreases so does its value and therefore the value of your property. Where the residual term has, beyond one hundred years to run then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. Most flat owners in Brislington will meet the qualifying criteria; that being said a conveyancer should be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Brislington property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. In the past mortgage companies were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Brislington lease extensions?

Irrespective of whether you are a tenant or a freeholder in Brislington,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brislington valuers.

Brislington Lease Extension Case Summaries:

Tyler, Brislington, Bristol,

Tyler was the the leasehold owner of a high value apartment in Brislington on the market with a lease of fraction over 61 years unexpired. Tyler on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Tyler to exercise his statutory right. Tyler procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the property.

Brislington case:

In 2009 we were called by Ms J Alexander who, having completed a ground floor apartment in Brislington in June 2006. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparable homes in Brislington with 100 year plus lease were worth £200,000. The average ground rent payable was £50 invoiced every twelve months. The lease expired on 10 September 2104. Having 78 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.

Brislington case:

Mr and Mrs. A Turner purchased a first floor apartment in Brislington in March 1998. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Brislington with a long lease were in the region of £267,600. The average ground rent payable was £65 collected quarterly. The lease elapsed on 1 September 2093. Given that there were 67 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 plus costs.