On the balance of probabilities if you own a flat in Lewes you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 secure professional help from a conveyancer and surveyor 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 Lewes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jamie owned a high value apartment in Lewes being marketed with a lease of a little over 61 years outstanding. Jamie on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jamie to exercise his statutory right. Jamie procured expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.
Mr and Mrs. F Peterson was assigned a lease of a one bedroom apartment in Lewes in February 2009. We are asked if we could approximate the price would be to prolong the lease by an additional years. Identical premises in Lewes with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £55 collected yearly. The lease end date was on 13 April 2104. Taking into account 79 years remaining we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.
In 2013 we were phoned by Ms Harriet Thompson who, having took over the lease of a studio flat in Lewes in September 1999. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparative properties in Lewes with an extended lease were valued around £191,000. The mid-range amount of ground rent was £65 collected annually. The lease terminated in 2083. Considering the 58 years outstanding we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including legals.