On the balance of probabilities if you own a flat in Brighton you actually own a long leasehold interest over your property
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Santander | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Brighton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 Brighton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ethan owned a studio apartment in Brighton being marketed with a lease of a little over sixty years remaining. Ethan on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Ethan to invoke his statutory right. Ethan procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.
In 2009 we were contacted by Mr and Mrs. H Simon who, having was assigned a lease of a first floor flat in Brighton in November 1998. We are asked if we could estimate the price could be for a 90 year extension to my lease. Similar homes in Brighton with 100 year plus lease were in the region of £290,000. The average ground rent payable was £60 invoiced annually. The lease elapsed in 2106. Taking into account 80 years remaining we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.
In 2009 we were approached by Ms Charlotte Díaz who, having took over the lease of a one bedroom flat in Brighton in September 2000. The dilemma was if we could estimate the premium would be to prolong the lease by ninety years. Comparative homes in Brighton with 100 year plus lease were worth £200,800. The average ground rent payable was £65 invoiced quarterly. The lease finished on 4 February 2086. Given that there were 60 years left we approximated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 exclusive of legals.