Brighton leases on domestic deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease drops below eighty years - otherwise a higher premium will be due. Flat owners in Brighton will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold properties in Brighton with more than one hundred years left on the lease are sometimes referred to as ‘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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Brighton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Brighton valuers.
After unsuccessful negotiations with the landlord of her first floor apartment in Brighton, Jade commenced the lease extension process just as her lease was approaching the critical 80-year deadline. The transaction was finalised in August 2007. The freeholder’s charges were negotiated to under 650 pounds.
Last Winter we were e-mailed by Ms Leah Morris , who completed a basement apartment in Brighton in August 1998. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Similar flats in Brighton with 100 year plus lease were in the region of £183,600. The mid-range amount of ground rent was £65 collected yearly. The lease ended in 2083. Having 57 years remaining we approximated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including expenses.
Last August we were contacted by Dr H Jones , who took over the lease of a one bedroom apartment in Brighton in June 2011. The question was if we could estimate the premium would be for a ninety year lease extension. Similar residencies in Brighton with 100 year plus lease were in the region of £245,000. The mid-range ground rent payable was £50 collected yearly. The lease ran out on 8 January 2094. Considering the 68 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.