Stop! Your Lease Extension in Eastbourne Could Be FREE

Get a Free Case Review
Many leaseholders in Eastbourne are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Eastbourne has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Eastbourne lease extension

Main reasons to start your Eastbourne lease extension today:

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

The market value of Eastbourne leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

Lenders are really clamping down as regards to properties in Eastbourne with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

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.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire 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.

Get in touch with one of our Eastbourne lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Eastbourne 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 conveyancing solicitor we work with provide it.

Eastbourne Lease Extension Case Studies:

Louise, Eastbourne, East Sussex,

After lengthy correspondence with the landlord of her garden flat in Eastbourne, Louise started the lease extension process as the 80 year deadline was swiftly approaching. The legal work completed in October 2008. The freeholder’s costs were kept to an absolute minimum.

Eastbourne case:

In 2010 we were e-mailed by Dr M Baker who, having moved into a first floor apartment in Eastbourne in September 1999. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical flats in Eastbourne with a long lease were worth £166,800. The mid-range amount of ground rent was £50 billed annually. The lease termination date was in 2076. Having 50 years outstanding we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of professional charges.

Eastbourne case:

Mr George Peterson moved into a one bedroom apartment in Eastbourne in September 2003. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparable properties in Eastbourne with 100 year plus lease were valued about £280,000. The average ground rent payable was £45 invoiced per annum. The lease expiry date was in 2096. Taking into account 70 years remaining we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.