Main reasons to start your Newhaven lease extension

Why you should commence your Newhaven lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Newhaven. Clearly, the length of lease remaining shortens over time. This is often ignored and only becomes a problem when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Newhaven have the right to extend the lease for an additional 90 years under legislation. Please give careful attention before putting off your Newhaven lease extension. Putting off the cost now simply increases the price you will eventually incur to extend your lease

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is probable that someone intending to acquire your property in the future might well do, so where they are not able to secure a mortgage, then the market price of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Newhaven lease extensions?

Irrespective of whether you are a tenant or a landlord in Newhaven,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Newhaven valuers.

Newhaven Lease Extension Case Summaries:

Shannon, Newhaven, East Sussex,

Subsequent to protracted negotiations with the landlord of her studio apartment in Newhaven, Shannon commenced the lease extension process just as her lease was nearing the all-important eighty-year mark. The lease extension completed in June 2007. The freeholder’s charges were kept to an absolute minimum.

Newhaven case:

In 2012 we were contacted by Mr Thomas Cook who, having purchased a one bedroom apartment in Newhaven in August 2008. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Similar premises in Newhaven with a long lease were worth £186,000. The average ground rent payable was £65 collected yearly. The lease terminated in 2083. Having 58 years unexpired we calculated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 not including costs.

Newhaven case:

Mr Caleb Martinez moved into a one bedroom flat in Newhaven in September 1999. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative premises in Newhaven with an extended lease were valued around £250,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded on 23 November 2094. Considering the 69 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.