Top reasons for Brixham lease extension

Main reasons to commence your Brixham lease extension today:

Increase your lease and increase your Brixham property value

Brixham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Brixham tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Brixham you really ought to check if your lease has between seventy and 90 years remaining. There are good reasons why a Brixham flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

Brixham property with a lease extension has roughly the same value as a freehold

Leasehold properties in Brixham with in excess of one hundred years unexpired 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 to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders will not lend with a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as insufficient security.

What makes us experts in Brixham lease extensions?

Regardless of whether you are a tenant or a landlord in Brixham,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brixham valuers.

Brixham Lease Extension Case Studies:

Danielle, Brixham, Devon,

Subsequent to unsuccessful negotiations with the freeholder of her ground floor apartment in Brixham, Danielle commenced the lease extension process as the 80 year mark was quickly approaching. The transaction was concluded in November 2007. The freeholder’s costs were negotiated to less than 650 pounds.

Brixham case:

Mrs I Young completed a one bedroom flat in Brixham in August 1996. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparable properties in Brixham with 100 year plus lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected annually. The lease lapsed on 23 July 2079. Taking into account 53 years left we calculated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 plus professional charges.

Brixham case:

Dr Mollie Richardson was assigned a lease of a garden apartment in Brixham in April 1995. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Comparative flats in Brixham with an extended lease were valued about £225,400. The average ground rent payable was £45 invoiced quarterly. The lease termination date was in 2090. Having 64 years unexpired we calculated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus fees.