On the balance of probabilities where you own a flat in Brighouse and Rastrick you actually own a long leasehold interest over your property
Leasehold properties in Brighouse and Rastrick with over one hundred years left on the lease are often referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Brighouse and Rastrick can be a difficult process. We recommend you procure 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 procuring Brighouse and Rastrick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Austin, started to get close to the 80-year threshold with the lease on his studio flat in Brighouse and Rastrick. In buying his property two decades ago, the unexpired term was of little concern. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Austin extended the lease just under the wire in January. Austin and the freeholder via the management company in the end settled on a premium of £5,500 . If he not met the deadline, the premium would have gone up by at least £1,100.
Mr and Mrs. Y Johnson was assigned a lease of a basement flat in Brighouse and Rastrick in March 2007. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Comparative properties in Brighouse and Rastrick with 100 year plus lease were worth £237,600. The mid-range amount of ground rent was £45 invoiced annually. The lease concluded in 2093. Considering the 67 years outstanding we approximated the premium to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of legals.
Last month we were contacted by Mr and Mrs. W Edwards , who purchased a first floor apartment in Brighouse and Rastrick in September 1997. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Identical properties in Brighouse and Rastrick with a long lease were valued about £280,000. The average ground rent payable was £55 billed per annum. The lease came to a finish on 11 July 2104. Taking into account 78 years remaining we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of costs.