For those whose Brighstone flat is held on a long lease, our message is clear – if nothing is done, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.
Leasehold premises in Brighstone with over one hundred years remaining on the lease are often 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 freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Brighstone can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.
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 a wealth of experience dealing with Brighstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leon owned a studio apartment in Brighstone on the market with a lease of just over fifty eight years unexpired. Leon on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Leon to invoke his statutory right. Leon procured expert advice and was able to make a more informed decision and deal with the matter and sell the property.
Mr and Mrs. M Roberts took over the lease of a studio flat in Brighstone in April 1997. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparable homes in Brighstone with a long lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed quarterly. The lease terminated in 2097. Having 71 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.
Last Christmas we were phoned by Dr Theo Martin , who was assigned a lease of a recently refurbished flat in Brighstone in May 1995. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Similar flats in Brighstone with a long lease were in the region of £225,800. The mid-range ground rent payable was £60 billed every twelve months. The lease lapsed in 2086. Having 60 years unexpired we calculated the premium to the landlord to extend the lease to be within £25,700 and £29,600 plus costs.