Main reasons to start your Brislington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brislington property value

Brislington leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Brislington residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Brislington you should check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will cause difficulties once you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may have no imminent intention to sell but when you do your purchaser will have to hold off for two years before being able to exercise the right to a a lease extension.

Get in touch with one of our Brislington lease extension solicitors or enfranchisement solicitors

Regardless 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 in-depth market knowledge and the close ties they enjoy with Brislington valuers.

Brislington Lease Extension Example Cases:

Poppy, Brislington, Bristol,

In the wake of eight months of lengthy correspondence with the landlord of her two bedroom apartment in Brislington, Poppy commenced the lease extension process just as her lease was approaching the crucial eighty-year deadline. The legal work was concluded in June 2015. The landlord’s fees were kept to an absolute minimum.

Brislington case:

Last month we were e-mailed by Dr Teddy Thomas , who completed a one bedroom flat in Brislington in July 1998. We are asked if we could estimate the price would likely be for a 90 year lease extension. Similar flats in Brislington with 100 year plus lease were valued around £218,400. The mid-range ground rent payable was £60 billed annually. The lease ended in 2085. Given that there were 59 years unexpired we calculated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 exclusive of fees.

Brislington case:

In 2010 we were contacted by Mr and Mrs. N Ramírez who, having moved into a purpose-built apartment in Brislington in February 1996. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparative residencies in Brislington with 100 year plus lease were valued about £205,000. The mid-range amount of ground rent was £50 billed monthly. The lease elapsed in 2105. Having 79 years left we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.