As the the remaining lease term of a Peacehaven residential lease decreases so does its value and therefore the value of your property. Where the residual term has, beyond 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Peacehaven will qualify for this right; that being said a conveyancing solicitor can advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Peacehaven can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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 dealing with Peacehaven lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Ryan, started to get near to the eighty-year threshold with the lease on his two bedroom flat in Peacehaven. Having bought his property 19 years ago, the unexpired term was of minimal interest. Luckily, it dawned on him that he needed to take action soon on a lease extension. Ryan arranged for a lease extension just under the wire in August. Ryan and the landlord eventually agreed on an amount of £6,000 . If he had missed the deadline, the premium would have escalated by at least £1,125.
Mr Max Lee purchased a recently refurbished apartment in Peacehaven in June 2000. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical residencies in Peacehaven with an extended lease were valued around £285,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ended on 21 April 2097. Considering the 71 years left we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.
Last Christmas we were phoned by Dr Tyler Morgan , who owned a one bedroom apartment in Peacehaven in October 2004. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative residencies in Peacehaven with an extended lease were in the region of £230,800. The average ground rent payable was £60 invoiced annually. The lease concluded on 7 September 2086. Taking into account 60 years remaining we estimated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 not including expenses.