The Fridaysmove Brighton Conveyancing Team have been reporting that Leasehold conveyancing in Brighton is increasingly problematic as more and more flats come onto the market with under Eighty years remaining. During the 1980’s property boom, many Victorian properties in Central London were carved up by property developers into flats with 99-year leases being granted.
The Eighty -year mark is critical. Once a lease is shorter than this, the cost of a lease extension rises significantly, because it is at this point that the valuation takes into account “marriage value” — the notional increase in the value of the property that results from an extension of the lease or the purchase of the freehold. However, even if your lease is below 80 years, you should act fast: the shorter your lease, the more expensive enfranchisement becomes.
Leasehold properties with less than eighty years remaining are getting more and more difficult to mortgage. According to the web site LENDERmoniter ( which monitors mortgage lenders changing requirements) many lenders would lend on leasehold properties with 50 -55 years remaining, but today they start at 70 to 75 years. Birmingham Midshires and Northern Rock are a amongst a number of lenders who have increased their minimum term requirement in recent months.
One does not need to use a Brighton Conveyancing Solicitor do deal with extending your lease but Brighton Conveyancing Experts often better understand the peculiarities of Brighton properties very well. The Fridaysmove Brighton Conveyancing team would be very happy to discuss your options for extending your lease or buying the freehold of your Brighton flat.
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