Chances are that if you own a flat in Newhaven you actually own a long leasehold interest over your property
Leasehold premises in Newhaven with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
| 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 Newhaven can be a difficult process. We recommend you obtain professional help from a lawyer and valuer 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 procuring Newhaven lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca was the the leasehold proprietor of a conversion apartment in Newhaven on the market with a lease of just over 59 years remaining. Luca informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Luca to invoke his statutory right. Luca procured expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
Dr O Smith completed a recently refurbished apartment in Newhaven in May 1995. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical homes in Newhaven with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease elapsed on 15 May 2079. Considering the 53 years unexpired we estimated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 plus legals.
Mr and Mrs. R Thomas moved into a recently refurbished flat in Newhaven in August 2005. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Identical premises in Newhaven with an extended lease were valued about £220,400. The mid-range ground rent payable was £45 billed quarterly. The lease terminated in 2090. Taking into account 64 years remaining we calculated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of legals.