The only way is down when it comes to Brixham lease terms. Brixham properties that have a residual term less than than eighty years will reduce in value even faster, and the cost of extending your lease will rise.
Leasehold properties in Brixham with over one hundred years left 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 purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service gives you increased control over the value of your Brixham leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful negotiations with the freeholder of her basement apartment in Brixham, Lily commenced the lease extension process just as her lease was coming close to the all-important 80-year threshold. The lease extension completed in March 2010. The landlord’s charges were kept to an absolute minimum.
Last month we were called by Mrs Nicole Young , who purchased a one bedroom apartment in Brixham in November 1998. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Identical premises in Brixham with 100 year plus lease were in the region of £242,600. The mid-range ground rent payable was £45 invoiced quarterly. The lease concluded on 23 August 2092. Considering the 67 years unexpired we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including fees.
In 2012 we were called by Mr and Mrs. L Alexander who, having took over the lease of a purpose-built apartment in Brixham in October 2006. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar properties in Brixham with a long lease were worth £280,000. The average amount of ground rent was £55 invoiced monthly. The lease ended in 2103. Taking into account 78 years unexpired we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including professional charges.