The closer a domestic lease in Brislington nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending sooner rather than later. Many flat owners in Brislington will meet the qualifying criteria; however a conveyancing solicitor will be able to advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Brislington with in excess of 100 years remaining on the lease are often referred to as ‘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 purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Engaging our service gives you better control over the value of your Brislington leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last Winter Isaac, came precariously close to the eighty-year mark with the lease on his ground floor apartment in Brislington. Having bought his home 18 years ago, the unexpired term was of little importance. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Isaac extended the lease just under the wire in June. Isaac and the freeholder in the end settled on a premium of £5,500 . If he had missed the deadline, the sum would have escalated by a minimum £1,075.
In 2009 we were approached by Mr D Richardson who, having moved into a garden apartment in Brislington in July 2005. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparable homes in Brislington with 100 year plus lease were in the region of £210,000. The mid-range ground rent payable was £50 collected monthly. The lease finished in 2105. Taking into account 80 years remaining we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.
Mr and Mrs. R Morris was assigned a lease of a garden apartment in Brislington in January 2008. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Identical premises in Brislington with an extended lease were valued around £275,000. The mid-range ground rent payable was £45 invoiced monthly. The lease expired on 4 August 2094. Considering the 69 years remaining we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.