The only way is down when it comes to Brighouse lease terms. Brighouse properties that have a residual term lower than 80 years will de-escalate in market price even faster, and the cost to extend your lease will rise.
Leasehold residencies in Brighouse with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Virgin | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Brighouse,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 Brighouse valuers.
Jasper owned a conversion flat in Brighouse being marketed with a lease of a few days over fifty eight years left. Jasper on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jasper to exercise his statutory right. Jasper procured expert advice and was able to make a more informed judgement and deal with the matter and sell the property.
In 2012 we were phoned by Dr Muhammad Jackson who, having purchased a basement flat in Brighouse in August 2007. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparable premises in Brighouse with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 invoiced monthly. The lease elapsed on 13 January 2087. Considering the 61 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 not including fees.
In 2012 we were approached by Mr Rory López who, having was assigned a lease of a garden flat in Brighouse in October 1997. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative flats in Brighouse with an extended lease were valued around £171,800. The mid-range amount of ground rent was £55 collected monthly. The lease expired on 2 September 2076. Considering the 50 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of expenses.