The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Lewes can extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Lewes lease extension. Postponing the costs today simply increases the premium you will eventually be required to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Engaging our service will provide you enhanced control over the value of your Lewes leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of unsuccessful negotiations with the landlord of her basement apartment in Lewes, Kelsey started the lease extension process just as the lease was coming close to the crucial 80-year mark. The legal work was finalised in September 2008. The freeholder’s costs were negotiated to approximately 650 pounds.
In 2014 we were e-mailed by Mr G Bertrand who, having acquired a purpose-built flat in Lewes in January 2007. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable flats in Lewes with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 collected annually. The lease ran out on 10 August 2101. Given that there were 75 years outstanding we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
Dr I Rose bought a studio flat in Lewes in February 1998. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable residencies in Lewes with 100 year plus lease were valued around £173,800. The mid-range ground rent payable was £65 invoiced annually. The lease elapsed on 25 January 2081. Considering the 55 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of expenses.