For anyone whose Brundall flat is held on a long lease, our message is clear – if you do nothing, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.
Leasehold premises in Brundall with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Brundall can be a difficult process. We recommend you secure guidance 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 in-depth market knowledge dealing with Brundall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the landlord of her one bedroom apartment in Brundall, Jodie started the lease extension process as the 80 year mark was rapidly advancing. The legal work completed in October 2007. The landlord’s charges were kept to an absolute minimum.
Last Christmas we were phoned by Dr Alexander Murphy , who owned a garden flat in Brundall in July 2004. The dilemma was if we could estimate the premium would likely be to extend the lease by 90 years. Identical properties in Brundall with 100 year plus lease were worth £295,000. The average amount of ground rent was £45 collected per annum. The lease came to a finish on 4 February 2099. Taking into account 74 years outstanding we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.
Last Summer we were contacted by Mr John Howard , who acquired a studio apartment in Brundall in August 2000. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar properties in Brundall with 100 year plus lease were in the region of £248,000. The average ground rent payable was £65 billed monthly. The lease terminated on 7 September 2088. Given that there were 63 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 not including legals.