When it comes to domestic leasehold premises in Bexhill On Sea, you are actually buying an entitlement to live in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive notably when there are fewer than 80 years left. Leasehold owners in Bexhill On Sea with a lease approaching 81 years left should seriously consider extending it without delay. When the lease term has under eighty years remaining, under the current legislation the landlord is entitled to calculate and charge a larger amount, based on a technical multiplication, known as “marriage value” which is due.
Leasehold properties in Bexhill On Sea with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with handle Bexhill On Sea lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Harrison was the the leasehold proprietor of a high value flat in Bexhill On Sea on the market with a lease of a few days over 59 years outstanding. Harrison on an informal basis contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Harrison to invoke his statutory right. Harrison procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Dr B Rivera owned a garden flat in Bexhill On Sea in January 2005. The question was if we could estimate the premium could be to extend the lease by ninety years. Comparative premises in Bexhill On Sea with an extended lease were in the region of £280,000. The mid-range ground rent payable was £45 collected monthly. The lease terminated in 2096. Considering the 70 years left we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.
Last Spring we were e-mailed by Mr and Mrs. K Young , who acquired a one bedroom flat in Bexhill On Sea in February 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparable residencies in Bexhill On Sea with a long lease were worth £223,400. The mid-range ground rent payable was £60 billed monthly. The lease expired on 12 November 2085. Taking into account 59 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 plus legals.