New Brighton leases on residential deteriorating in value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in New Brighton will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Retaining our service gives you increased 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.
Zachary was the the leasehold proprietor of a 2 bedroom apartment in New Brighton on the market with a lease of just over 72 years unexpired. Zachary informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be payable on a lease extension were Zachary to exercise his statutory right. Zachary procured expert advice and secured an acceptable deal informally and sell the flat.
Last Christmas we were called by Mr and Mrs. U Robinson , who took over the lease of a newly refurbished apartment in New Brighton in November 2008. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Identical premises in New Brighton with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 collected monthly. The lease elapsed in 2089. Considering the 63 years outstanding we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 not including costs.
Last year we were called by Ms S Richardson , who moved into a studio apartment in New Brighton in May 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative flats in New Brighton with a long lease were worth £265,000. The average amount of ground rent was £55 collected every twelve months. The lease terminated on 14 February 2100. Considering the 74 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.