Brixworth leases on domestic deteriorating in value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the existing lease dips under eighty years - otherwise a higher premium will be payable. Leasehold owners in Brixworth will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not qualify. There are also strict deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Brixworth 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 Brixworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jack was the the leasehold proprietor of a studio flat in Brixworth being sold with a lease of just over 72 years unexpired. Jack on an informal basis spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Jack to invoke his statutory right. Jack procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.
Mr and Mrs. I Sánchez acquired a studio apartment in Brixworth in June 2007. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative premises in Brixworth with 100 year plus lease were valued around £256,600. The average ground rent payable was £60 collected quarterly. The lease finished on 21 February 2077. Taking into account 52 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 plus fees.
Mrs J Nelson moved into a purpose-built flat in Brixworth in November 1998. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable homes in Brixworth with a long lease were valued about £218,000. The mid-range ground rent payable was £45 collected quarterly. The lease concluded on 10 April 2088. Having 63 years unexpired we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of costs.