Heathfield leases on domestic deteriorating in value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Heathfield will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Heathfield with over one hundred 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| TSB |
Lease extensions in Heathfield can be a difficult process. We recommend you secure professional help from a lawyer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Heathfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Michael owned a studio flat in Heathfield being marketed with a lease of a few days over 61 years unexpired. Michael informally contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Michael to exercise his statutory right. Michael procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
Last Summer we were called by Dr N Miller , who purchased a one bedroom apartment in Heathfield in May 2005. The dilemma was if we could approximate the price could be to extend the lease by a further 90 years. Identical flats in Heathfield with a long lease were valued about £280,000. The mid-range amount of ground rent was £55 billed per annum. The lease terminated on 21 September 2104. Considering the 78 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including expenses.
Last year we were e-mailed by Mrs Abigail Mitchell , who moved into a ground floor apartment in Heathfield in October 2006. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Identical flats in Heathfield with an extended lease were in the region of £191,000. The mid-range amount of ground rent was £65 billed yearly. The lease ran out on 8 May 2084. Having 58 years left we estimated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 not including legals.