Top reasons for Brixham lease extension

Why you should start your Brixham lease extension today:

Increase your lease and increase your Brixham property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Brixham. Inevitably, the period of lease remaining shortens over time. This may pass by relatively unnoticed when the residence has to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Brixham have the right to extend the lease for a further 90 years in accordance with statute. Please give due deliberation before putting off your Brixham lease extension. Putting off the cost now likely increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in Brixham with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to lend on a short lease

Banks and building societies are really restricting their approach as regards to properties in Brixham with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

What makes us experts in Brixham lease extensions?

Retaining our service gives you enhanced control over the value of your Brixham leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Brixham Lease Extension Case Summaries:

Emma, Brixham, Devon,

After lengthy negotiations with the freeholder of her basement flat in Brixham, Emma initiated the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The transaction was finalised in March 2013. The freeholder’s charges were restricted to approximately six hundred pounds.

Brixham case:

In 2009 we were approached by Ms N Wood who, having moved into a basement flat in Brixham in June 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Similar premises in Brixham with a long lease were in the region of £290,000. The mid-range amount of ground rent was £60 collected every twelve months. The lease finished on 3 November 2106. Taking into account 80 years left we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.

Brixham case:

Dr Georgia Turner took over the lease of a studio apartment in Brixham in June 2008. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical residencies in Brixham with an extended lease were worth £200,800. The mid-range ground rent payable was £65 collected annually. The lease ran out on 25 August 2086. Taking into account 60 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 exclusive of costs.