The closer a domestic lease in Brislington gets to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of 100 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner rather than later. Many flat owners in Brislington will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Brislington with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Brislington can be a difficult process. We recommend you secure professional help from a lawyer 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 Brislington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Aaron, came perilously close to the eighty-year mark with the lease on his garden apartment in Brislington. In buying his property two decades ago, the unexpired term was of minimal interest. Fortunately, he recognised he would soon be paying an inflated amount for Extending the lease. Aaron arranged for a lease extension just under the wire in April. Aaron and the freeholder ultimately settled on the final figure of £6,000 . If the lease had dropped lower than eighty years, the premium would have escalated by a minimum £1,150.
Ms V Lee took over the lease of a newly refurbished flat in Brislington in March 2002. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical properties in Brislington with 100 year plus lease were worth £191,400. The average ground rent payable was £55 billed per annum. The lease lapsed on 22 March 2080. Given that there were 54 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 plus costs.
Mr and Mrs. L Cook bought a one bedroom flat in Brislington in April 2002. The question was if we could approximate the premium could be for a 90 year lease extension. Comparative flats in Brislington with an extended lease were worth £295,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease ended in 2100. Taking into account 74 years unexpired we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.