When it comes to domestic leasehold premises in Bexhill On Sea, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive especially once there are less than eighty years remaining. Anyone in Bexhill On Sea with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has fewer than eighty years left, under the current legislation the landlord can calculate and levy a greater premium, assessed on a technical multiplication, known as “marriage value” which is payable.
Leasehold properties in Bexhill On Sea with more than one hundred years outstanding 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 justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Bexhill On Sea,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bexhill On Sea valuers.
Daniel was the the leasehold owner of a studio flat in Bexhill On Sea on the market with a lease of just over sixty years remaining. Daniel on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Daniel to invoke his statutory right. Daniel obtained expert advice and was able to make an informed judgement and deal with the matter and sell the flat.
Last year we were called by Dr V Jones , who was assigned a lease of a first floor apartment in Bexhill On Sea in January 2002. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative flats in Bexhill On Sea with a long lease were valued about £267,600. The average amount of ground rent was £65 collected per annum. The lease elapsed on 14 June 2093. Given that there were 67 years outstanding we approximated the premium to the landlord for the lease extension to be within £14,300 and £16,400 plus costs.
Last Spring we were phoned by Mrs P Díaz , who bought a first floor flat in Bexhill On Sea in August 2006. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Comparative residencies in Bexhill On Sea with 100 year plus lease were in the region of £206,200. The mid-range amount of ground rent was £60 invoiced per annum. The lease concluded on 24 September 2082. Considering the 56 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 plus professional charges.