Why you should start your Lewes lease extension

Top reasons for lease extension now:

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

Lewes leases on residential deteriorating in value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Lewes will usually qualify for a lease extension; however a solicitor will check if you qualify. In some circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Lewes property being difficult to sell or refinance.

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

Irrespective of whether you are a tenant or a freeholder in Lewes,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lewes valuers.

Lewes Lease Extension Example Cases:

Molly, Lewes, East Sussex,

Off the back of unsuccessful discussions with the landlord of her basement flat in Lewes, Molly started the lease extension process as the eighty year threshold was rapidly advancing. The legal work was concluded in March 2008. The landlord’s fees were restricted to approximately 650 pounds.

Lewes case:

Dr J Morel bought a ground floor apartment in Lewes in January 2010. We are asked if we could estimate the price could be to prolong the lease by ninety years. Identical premises in Lewes with a long lease were valued around £260,000. The mid-range amount of ground rent was £50 collected yearly. The lease expired in 2097. Given that there were 71 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.

Lewes case:

Last Spring we were called by Mr and Mrs. M Miller , who took over the lease of a basement flat in Lewes in September 2010. The question was if we could approximate the premium would be to prolong the lease by ninety years. Comparable flats in Lewes with 100 year plus lease were valued about £254,200. The mid-range amount of ground rent was £60 invoiced quarterly. The lease came to a finish on 20 February 2077. Considering the 51 years unexpired we approximated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of costs.