Brislington leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the current lease drops lower than 80 years - otherwise a higher amount will be due. Leasehold owners in Brislington will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In some cases you may not be entitled. There are prescribed timetables and steps to comply with once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Brislington with in excess of one hundred years outstanding 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 property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| 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. |
| Chelsea Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
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Lease extensions in Brislington can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.
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 Brislington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jude was the the leasehold proprietor of a studio flat in Brislington being sold with a lease of a little over 72 years left. Jude informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Jude to exercise his statutory right. Jude obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Mr L White purchased a purpose-built flat in Brislington in August 2011. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative properties in Brislington with a long lease were valued about £285,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease expired on 20 September 2097. Having 71 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.
Last Christmas we were contacted by Mr and Mrs. M Bertrand , who was assigned a lease of a newly refurbished flat in Brislington in February 2012. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Similar flats in Brislington with a long lease were in the region of £225,800. The mid-range amount of ground rent was £60 collected monthly. The lease elapsed on 1 March 2086. Given that there were 60 years left we calculated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 not including legals.