Top reasons for New Brighton lease extension

Main reasons to start your New Brighton lease extension today:

A New Brighton lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in New Brighton you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in New Brighton with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will be problematic once you come to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must wait two years before being able to commence the legal procedures for an extension to the lease.

Why use us for your lease extension in New Brighton?

Engaging our service gives you enhanced control over the value of your New Brighton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

New Brighton Lease Extension Case Studies:

Sebastian, New Brighton, Merseyside

Half a year ago Sebastian, came precariously close to the eighty-year mark with the lease on his one bedroom apartment in New Brighton. Having purchased his property two decades ago, the lease term was of little bearing. Fortunately, he realised he needed to take steps soon on a lease extension. Sebastian extended the lease at the eleventh hour last July. Sebastian and the landlord who owned the flat above in the end settled on a premium of £5,000 . If he failed to meet the deadline, the premium would have become more costly by a minimum £900.

New Brighton case:

In 2012 we were e-mailed by Mr M Robinson who, having took over the lease of a one bedroom apartment in New Brighton in April 2011. We are asked if we could estimate the price would be for a ninety year lease extension. Similar residencies in New Brighton with a long lease were worth £254,200. The average ground rent payable was £60 billed monthly. The lease came to a finish on 9 June 2077. Given that there were 51 years unexpired we approximated the premium to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of costs.

New Brighton case:

Dr J Adams acquired a garden apartment in New Brighton in January 1998. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Comparable properties in New Brighton with a long lease were in the region of £210,600. The mid-range amount of ground rent was £45 billed monthly. The lease terminated on 14 September 2088. Taking into account 62 years remaining we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus expenses.