The only way is down when it comes to Lewes lease terms. Lewes leaseholds that have a lease term shorter than eighty years will drop in value even faster, and the cost of extending your lease will go up.
It is conventional wisdom that a property with over one hundred years unexpired lease term 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 many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Lewes can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in this area.
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 a wealth of experience procuring Lewes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Charlie, came seriously close to the eighty-year threshold with the lease on his garden apartment in Lewes. Having bought his home two decades ago, the lease term was of no significance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Charlie extended the lease just under the wire last January. Charlie and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If he failed to meet the deadline, the price would have escalated by a minimum £1,000.
Dr Ryan Ramírez acquired a basement flat in Lewes in February 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative homes in Lewes with a long lease were valued around £176,200. The mid-range ground rent payable was £65 billed quarterly. The lease concluded on 16 April 2082. Taking into account 56 years unexpired we estimated the premium to the landlord for the lease extension to be within £29,500 and £34,000 not including fees.
In 2013 we were e-mailed by Mrs Georgina Ali who, having was assigned a lease of a basement flat in Lewes in October 1996. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparable properties in Lewes with a long lease were valued about £242,600. The mid-range ground rent payable was £45 billed yearly. The lease came to a finish on 16 March 2093. Having 67 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 not including legals.