Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Bexhill. Clearly, the length of lease remaining shortens over time. This may pass by relatively unnoticed when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Eligible leaseholders in Bexhill have the right to extend the lease for an additional 90 years under legislation. You should give careful attention before putting off your Bexhill lease extension. Putting off the cost now simply increases the price you will ultimately incur for a lease extension
Leasehold residencies in Bexhill with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Regardless of whether you are a tenant or a freeholder in Bexhill,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bexhill valuers.
Following lengthy discussions with the freeholder of her basement apartment in Bexhill, Georgina initiated the lease extension process as the eighty year threshold was quickly coming. The transaction was concluded in July 2008. The freeholder’s fees were negotiated to less than 650 GBP.
Dr Edward Lee bought a one bedroom flat in Bexhill in November 1997. The question was if we could approximate the price could be for a ninety year extension to my lease. Identical homes in Bexhill with an extended lease were worth £275,000. The average amount of ground rent was £55 collected monthly. The lease lapsed on 1 April 2101. Having 76 years remaining we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.
Ms Rhiannon Wood bought a one bedroom apartment in Bexhill in May 1996. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Identical homes in Bexhill with a long lease were valued about £176,200. The average amount of ground rent was £65 invoiced yearly. The lease expired on 28 July 2081. Having 56 years left we approximated the premium to the landlord to extend the lease to be between £29,500 and £34,000 not including legals.