Lewes leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Lewes tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Lewes you really ought to check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Lewes leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay
Leasehold properties in Lewes with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Lewes can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 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.
Andrew was the the leasehold proprietor of a conversion flat in Lewes on the market with a lease of a little over 72 years remaining. Andrew on an informal basis approached his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Andrew to invoke his statutory right. Andrew obtained expert advice and secured an acceptable resolution informally and sell the property.
Last Winter we were phoned by Dr T García , who was assigned a lease of a purpose-built apartment in Lewes in February 2010. The question was if we could approximate the premium could be for a ninety year lease extension. Similar properties in Lewes with a long lease were worth £193,400. The mid-range amount of ground rent was £65 invoiced yearly. The lease elapsed in 2085. Having 59 years left we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of legals.
Last Summer we were called by Mr and Mrs. M Murphy , who purchased a first floor apartment in Lewes in November 2012. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Comparative residencies in Lewes with an extended lease were worth £255,000. The average amount of ground rent was £50 billed per annum. The lease expired on 14 November 2096. Considering the 70 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.