There is no doubt about it a leasehold flat or house in Brighouse is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 100 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner than later. Many flat owners in Brighouse will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Brighouse can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in lease extensions.
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 a wealth of experience dealing with Brighouse lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Zachary, started to get near to the 80-year threshold with the lease on his leasehold flat in Brighouse. Having purchased his home 19 years previously, the lease term was of minimal interest. Thankfully, he recognised he needed to take steps soon on a lease extension. Zachary extended the lease just in the nick of time in January. Zachary and the freeholder in the end settled on an amount of £5,000 . If he had missed the deadline, the amount would have gone up by a minimum £950.
In 2009 we were contacted by Mrs Shannon Jackson who, having was assigned a lease of a purpose-built apartment in Brighouse in July 1999. The question was if we could approximate the price could be to extend the lease by a further 90 years. Comparative homes in Brighouse with 100 year plus lease were worth £275,000. The average amount of ground rent was £45 invoiced yearly. The lease finished in 2095. Considering the 69 years outstanding we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.
In 2013 we were e-mailed by Dr Laura Nguyen who, having was assigned a lease of a first floor flat in Brighouse in October 2007. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable homes in Brighouse with 100 year plus lease were in the region of £216,000. The average ground rent payable was £60 collected every twelve months. The lease concluded on 26 May 2084. Having 58 years left we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including expenses.