The only way is down when it comes to Brighouse lease terms. Brighouse properties that have a remaining term fewer than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will go up.
Leasehold residencies in Brighouse with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Nationwide Building Society | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Brighouse,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brighouse valuers.
Trailing unsuccessful correspondence with the landlord of her garden apartment in Brighouse, Lily initiated the lease extension process as the eighty year mark was rapidly coming. The transaction was finalised in February 2007. The freeholder’s costs were negotiated to under 700 pounds.
Dr L Clarke moved into a one bedroom flat in Brighouse in February 2009. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable flats in Brighouse with 100 year plus lease were in the region of £189,000. The average ground rent payable was £55 collected per annum. The lease ended in 2079. Having 53 years remaining we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus professional charges.
In 2009 we were approached by Ms L Jackson who, having took over the lease of a recently refurbished flat in Brighouse in March 2004. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar properties in Brighouse with an extended lease were valued about £290,000. The average ground rent payable was £45 billed quarterly. The lease came to a finish in 2099. Having 73 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.