For anyone whose Brymbo flat is held on a long lease, the message is clear – if you do nothing, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society |
Lease extensions in Brymbo can be a difficult process. We recommend you get 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 in-depth market knowledge procuring Brymbo lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Noah owned a studio apartment in Brymbo being marketed with a lease of a few days over 61 years remaining. Noah informally spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Noah to invoke his statutory right. Noah obtained expert advice and was able to make an informed decision and handle with the matter and sell the property.
Last Winter we were approach by Dr Anna Phillips , who bought a one bedroom apartment in Brymbo in March 2012. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparative homes in Brymbo with a long lease were worth £285,000. The average ground rent payable was £45 invoiced yearly. The lease lapsed on 22 October 2097. Taking into account 71 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.
Mr and Mrs. H Scott bought a studio apartment in Brymbo in August 2005. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Similar homes in Brymbo with a long lease were in the region of £225,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease elapsed on 2 August 2086. Given that there were 60 years unexpired we estimated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 not including legals.