With a long leasehold property in Newhaven, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive notably once there are fewer than eighty years left. Anyone in Newhaven with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has fewer than 80 years remaining, under the current Act the freeholder is entitled to calculate and charge a greater amount, assessed on a technical computation, known as “marriage value” which is due.
Leasehold residencies in Newhaven with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB |
Lease extensions in Newhaven can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 Newhaven lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aarav owned a high value apartment in Newhaven being marketed with a lease of a little over 72 years remaining. Aarav informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and secured satisfactory resolution informally and readily saleable.
Last Summer we were approach by Ms Jodie Walker , who was assigned a lease of a ground floor flat in Newhaven in October 2002. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable flats in Newhaven with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 billed yearly. The lease expiry date was on 23 February 2082. Considering the 56 years remaining we estimated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 not including costs.
Mr and Mrs. O Richardson owned a one bedroom flat in Newhaven in November 2004. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparative homes in Newhaven with a long lease were in the region of £235,200. The mid-range ground rent payable was £45 invoiced per annum. The lease concluded in 2092. Having 66 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.