Main reasons to start your Brixham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brixham property value

There is no doubt about it a leasehold property in Brixham is a wasting asset as a result of the diminishing lease term. Where the lease has, in excess of 100 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in Brixham will meet the qualifying criteria; however a conveyancer will be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Brixham with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

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

Most mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of the property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Brixham lease extensions?

Lease extensions in Brixham can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Brixham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brixham Lease Extension Example Cases:

Chantelle, Brixham, Devon,

Following protracted discussions with the landlord of her one bedroom flat in Brixham, Chantelle commenced the lease extension process just as her lease was nearing the crucial eighty-year mark. The transaction completed in February 2006. The freeholder’s fees were negotiated to approximately 650 pounds.

Brixham case:

Ms Jasmine Thompson owned a recently refurbished apartment in Brixham in May 2003. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Similar residencies in Brixham with an extended lease were valued around £225,400. The mid-range ground rent payable was £45 billed per annum. The lease terminated on 1 June 2090. Given that there were 64 years remaining we approximated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 plus expenses.

Brixham case:

In 2013 we were contacted by Mrs D Bonnet who, having moved into a purpose-built apartment in Brixham in June 2004. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative residencies in Brixham with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 invoiced per annum. The lease terminated in 2101. Given that there were 75 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.