Main reasons to commence your Portslade lease extension

Top reasons for lease extension now:

Increase your lease and increase your Portslade property value

Portslade leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Portslade tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Portslade you would be well advised to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Portslade flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is actioned without delay

Portslade property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning monies charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term drops lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are wanting to remortgage your Portslade property.

Why use us for your lease extension in Portslade?

The conveyancers that we work with undertake Portslade 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 conveyancer we work with provide it.

Portslade Lease Extension Case Summaries:

Leah, Portslade, East Sussex,

Trailing unsuccessful correspondence with the freeholder of her purpose-built flat in Portslade, Leah commenced the lease extension process just as her lease was nearing the crucial 80-year deadline. The legal work was finalised in July 2014. The landlord’s charges were restricted to about four hundred GBP.

Portslade case:

Last Summer we were approach by Mr Harvey Davis , who bought a garden apartment in Portslade in November 1999. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Similar flats in Portslade with an extended lease were valued around £171,800. The mid-range ground rent payable was £55 billed every twelve months. The lease finished in 2076. Having 50 years left we approximated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including fees.

Portslade case:

In 2009 we were approached by Mr and Mrs. B Martinez who, having took over the lease of a one bedroom apartment in Portslade in July 2007. We are asked if we could approximate the price could be for a ninety year lease extension. Similar flats in Portslade with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 collected per annum. The lease ran out in 2096. Considering the 70 years as a residual term we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of legals.