Main reasons to commence your Eastbourne lease extension

Top reasons for lease extension now:

A Eastbourne leasehold property depreciates with the years remaining on the lease.

Eastbourne leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease drops below 80 years - otherwise a higher amount will be payable. Flat owners in Eastbourne will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In certain cases you may not qualify. There are prescribed timetables and procedures to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

Eastbourne property with a lease extension has roughly the same value as a freehold

Leasehold premises in Eastbourne with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to loan monies with a short lease

Lending institutions have specific criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops lower than a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to refinance your Eastbourne home.

Why use us for your lease extension in Eastbourne?

Using our service will provide you increased control over the value of your Eastbourne leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Eastbourne Lease Extension Case Summaries:

Robyn, Eastbourne, East Sussex,

Subsequent to lengthy correspondence with the landlord of her one bedroom flat in Eastbourne, Robyn commenced the lease extension process as the eighty year mark was fast nearing. The transaction was finalised in September 2014. The freeholder’s charges were kept to an absolute minimum.

Eastbourne case:

Last Autumn we were contacted by Dr Isabel Rose , who took over the lease of a first floor apartment in Eastbourne in July 1996. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparable properties in Eastbourne with 100 year plus lease were worth £210,000. The average ground rent payable was £50 billed quarterly. The lease concluded on 21 April 2106. Given that there were 80 years outstanding we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.

Eastbourne case:

Mr and Mrs. O Morris completed a one bedroom apartment in Eastbourne in February 1997. The question was if we could approximate the price would be to prolong the lease by a further 90 years. Identical properties in Eastbourne with an extended lease were valued around £275,000. The mid-range ground rent payable was £45 billed per annum. The lease finished on 19 November 2095. Considering the 69 years unexpired we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.