Top reasons for South Brent lease extension

Main reasons to start your South Brent lease extension today:

Increase your lease and increase your South Brent property value

With a domestic leasehold premises in South Brent, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than 80 years remaining. Residents in South Brent with a lease nearing 81 years left should seriously consider extending it as soon as possible. When a lease has under eighty years remaining, under the current Act the landlord can calculate and demand a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

Leasehold premises in South Brent with in excess of 100 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not issue a mortgage with a short lease

Lenders do not like short residential leases. You are likely to experience problems where you need to sell your flat in South Brent if the remaining lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have different requirements but on the whole they are looking for an unexpired term of at least 65 years.

What makes us experts in South Brent lease extensions?

Engaging our service will provide you better control over the value of your South Brent leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

South Brent Lease Extension Example Cases:

Kai, South Brent, Devon,

Kai owned a 2 bedroom apartment in South Brent being sold with a lease of just over 59 years unexpired. Kai informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Kai to invoke his statutory right. Kai obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

South Brent case:

Dr Leah Evans owned a ground floor flat in South Brent in June 2009. The question was if we could approximate the price would be for a 90 year lease extension. Similar residencies in South Brent with an extended lease were valued around £285,000. The average amount of ground rent was £55 billed quarterly. The lease lapsed on 12 February 2106. Having 80 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.

South Brent case:

In 2011 we were phoned by Dr Lucas Bailey who, having acquired a purpose-built flat in South Brent in October 2007. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Comparable flats in South Brent with an extended lease were worth £200,800. The average amount of ground rent was £65 invoiced quarterly. The lease lapsed in 2086. Given that there were 60 years left we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of legals.