Brynmill leases on residential properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Brynmill will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and procedures to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Brynmill with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages |
Lease extensions in Brynmill can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 Brynmill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Leon, started to get close to the 80-year mark with the lease on his studio flat in Brynmill. In buying his home two decades ago, the unexpired term was of minimal interest. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Leon arranged for a lease extension just under the wire last September. Leon and the freeholder subsequently settled on sum of £5,000 . If the lease had dropped to less than eighty years, the price would have escalated by at least £900.
In 2014 we were approached by Mr and Mrs. Y Sánchez who, having owned a one bedroom flat in Brynmill in January 2011. The question was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparative premises in Brynmill with an extended lease were valued about £285,000. The mid-range ground rent payable was £55 billed every twelve months. The lease terminated in 2106. Considering the 80 years remaining we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.
Last September we were approach by Mr Ethan Edwards , who completed a basement flat in Brynmill in June 1995. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar premises in Brynmill with an extended lease were valued around £198,400. The average amount of ground rent was £65 collected every twelve months. The lease elapsed on 18 May 2085. Considering the 59 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of fees.