The nearer a residential lease in Peacehaven nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending sooner than later. Many flat owners in Peacehaven will meet the qualifying criteria; nevertheless a lawyer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property 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 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Yorkshire Building Society |
The lawyers that we work with procure Peacehaven lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Subsequent to unsuccessful correspondence with the freeholder of her garden apartment in Peacehaven, Hollie started the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction completed in November 2012. The landlord’s costs were negotiated to approximately 600 pounds.
In 2012 we were e-mailed by Dr F Bailey who, having acquired a garden apartment in Peacehaven in February 2010. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical properties in Peacehaven with 100 year plus lease were worth £198,800. The average amount of ground rent was £55 collected annually. The lease concluded in 2081. Taking into account 55 years remaining we estimated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including fees.
Ms B Kelly acquired a one bedroom apartment in Peacehaven in January 2001. The question was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Similar properties in Peacehaven with an extended lease were worth £300,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease concluded on 5 March 2101. Having 75 years left we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including professional charges.