Main reasons to commence your Eastbourne lease extension

Why you should commence your Eastbourne lease extension today:

Increase your lease and increase your Eastbourne property value

For anyone whose Eastbourne flat is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Eastbourne lease extensions?

Engaging our service gives you better control over the value of your Eastbourne leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Eastbourne Lease Extension Example Cases:

Leah, Eastbourne, East Sussex,

Trailing lengthy discussions with the landlord of her ground floor apartment in Eastbourne, Leah initiated the lease extension process just as her lease was approaching the all-important 80-year threshold. The lease extension was concluded in January 2007. The landlord’s costs were kept to an absolute minimum.

Eastbourne case:

Last June we were contacted by Dr W Torres , who acquired a one bedroom apartment in Eastbourne in May 2004. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparative premises in Eastbourne with 100 year plus lease were valued about £184,000. The mid-range amount of ground rent was £55 collected yearly. The lease concluded in 2079. Given that there were 53 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including professional charges.

Eastbourne case:

Last Autumn we were phoned by Mr and Mrs. V Leroy , who was assigned a lease of a one bedroom flat in Eastbourne in September 2002. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Comparative flats in Eastbourne with an extended lease were worth £290,000. The average amount of ground rent was £45 collected monthly. The lease termination date was on 17 March 2099. Given that there were 73 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.