Main reasons to start your Brynford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brynford property value

Brynford residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold properties in Brynford with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic when you need to sell or remortgage your property as it will be practically unmortgageable. You might have no imminent desire to sell but when you do your buyer must wait a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Brynford lease extensions?

Irrespective of whether you are a tenant or a freeholder in Brynford,the lease extension lawyers 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 Brynford valuers.

Brynford Lease Extension Case Studies:

Shannon, Brynford, Flintshire,

In the wake of eight months of protracted discussions with the landlord of her purpose-built apartment in Brynford, Shannon started the lease extension process as the eighty year mark was rapidly advancing. The lease extension was concluded in March 2007. The landlord’s fees were kept to an absolute minimum.

Brynford case:

In 2014 we were approached by Mr and Mrs. M González who, having took over the lease of a ground floor apartment in Brynford in January 2011. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar properties in Brynford with a long lease were worth £215,600. The average ground rent payable was £45 invoiced monthly. The lease ran out on 20 April 2088. Given that there were 62 years remaining we calculated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of professional charges.

Brynford case:

In 2012 we were e-mailed by Mr and Mrs. L Phillips who, having bought a garden apartment in Brynford in September 1999. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Brynford with 100 year plus lease were in the region of £265,000. The average ground rent payable was £50 collected per annum. The lease terminated on 28 August 2099. Having 73 years outstanding we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.