When it comes to domestic leasehold premises in Bexhill On Sea, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider 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 when there are fewer than 80 years remaining. Residents in Bexhill On Sea with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has below eighty years outstanding, under the current legislation the freeholder can calculate and demand a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Engaging our service gives you enhanced control over the value of your Bexhill On Sea leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Felix, came seriously near to the eighty-year threshold with the lease on his purpose- built apartment in Bexhill On Sea. Having bought his flat two decades ago, the length of the lease was of minimal bearing. Luckily, he noticed he would soon be paying an inflated amount for a lease extension. Felix was able to extend his lease just ahead of time last March. Felix and the landlord who owned the flat above ultimately settled on sum of £5,500 . If the lease had slid lower than eighty years, the price would have increased by a minimum £950.
In 2012 we were approached by Dr Nicole Bertrand who, having purchased a one bedroom apartment in Bexhill On Sea in November 1995. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar homes in Bexhill On Sea with a long lease were in the region of £210,000. The average amount of ground rent was £50 collected per annum. The lease expired in 2105. Having 80 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.
Last Autumn we were called by Dr Rebecca Hernández , who acquired a ground floor apartment in Bexhill On Sea in November 2008. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Identical properties in Bexhill On Sea with a long lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced annually. The lease concluded on 26 April 2094. Considering the 69 years remaining we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.