Why you should start your Brighouse lease extension

Main reasons to start your Brighouse lease extension today:

Increase your lease and increase your Brighouse property value

On the balance of probabilities if you own a flat in Brighouse you actually own a long leasehold interest over your property

Brighouse property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to finance a property with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so where they can't obtain a mortgage, then the financial worth of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Brighouse lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Brighouse lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Brighouse Lease Extension Example Cases:

Leon, Brighouse, West Yorkshire

Half a year ago Leon, started to get near to the 80-year threshold with the lease on his two bedroom apartment in Brighouse. Having purchased his home twenty years previously, the unexpired term was of little interest. Luckily, he recognised he needed to take action soon on Extending the lease. Leon was able to extend his lease at the eleventh hour in August. Leon and the landlord subsequently agreed on sum of £5,000 . If the lease had descended below eighty years, the amount would have increased by at least £925.

Brighouse case:

Last September we were approach by Mr and Mrs. U Bennett , who completed a one bedroom apartment in Brighouse in January 1999. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical residencies in Brighouse with 100 year plus lease were worth £210,000. The average amount of ground rent was £50 collected annually. The lease ended on 14 January 2106. Taking into account 80 years left we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.

Brighouse case:

Last Summer we were approach by Ms Naomi Lewis , who bought a newly refurbished flat in Brighouse in August 1999. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Brighouse with an extended lease were valued about £275,000. The average amount of ground rent was £45 invoiced annually. The lease elapsed in 2095. Taking into account 69 years remaining we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.