Top reasons for Brymbo lease extension

Why you should start your Brymbo lease extension today:

Increase your lease and increase your Brymbo property value

When it comes to long leasehold property in Brymbo, you are actually purchasing an entitlement to reside in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly once there are fewer than 80 years remaining. Anyone in Brymbo with a lease nearing 81 years left should seriously think of extending it as soon as possible. Once the lease term has less than 80 years remaining, under the current statute the freeholder can calculate and levy a greater amount, assessed on a technical computation, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic as and when you come to market or remortgage your flat as it will be practically unmortgageable. You might not have an immediate plan to sell but when you do your purchaser must wait 2 years before being able to exercise the right to a a lease extension.

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

Using our service gives you better control over the value of your Brymbo leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brymbo Lease Extension Case Summaries:

Mia, Brymbo, Wrexham,

In the wake of 6 months of unsuccessful negotiations with the freeholder of her basement apartment in Brymbo, Mia started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was finalised in March 2005. The freeholder’s fees were restricted to approximately 500 GBP.

Brymbo case:

Last Spring we were e-mailed by Dr M Thomas , who was assigned a lease of a studio flat in Brymbo in March 1997. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Brymbo with an extended lease were in the region of £181,600. The mid-range ground rent payable was £55 collected yearly. The lease finished on 16 January 2078. Considering the 52 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of fees.

Brymbo case:

Mr and Mrs. S Norbert purchased a garden apartment in Brymbo in November 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Brymbo with an extended lease were in the region of £285,000. The average ground rent payable was £45 collected yearly. The lease elapsed in 2098. Given that there were 72 years remaining we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.