Why you should commence your Bexhill lease extension

Why you should commence your Bexhill lease extension today:

A Bexhill lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Bexhill you actually own a long leasehold interest over your property

Bexhill property with a lease extension is almost the same value as a freehold

Leasehold residencies in Bexhill with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions will not loan monies with a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once the residual lease term slips below a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to refinance your Bexhill property.

Why use us for your lease extension in Bexhill?

Using our service will provide you better control over the value of your Bexhill leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bexhill Lease Extension Example Cases:

Ali, Bexhill, East Sussex

16 months ago Ali, started to get near to the 80-year mark with the lease on his one bedroom flat in Bexhill. Having bought his home twenty years ago, the lease term was of no concern. Thankfully, he became aware that he would imminently be paying an escalated premium for Extending the lease. Ali was able to extend his lease at the eleventh hour in September. Ali and the landlord who owned the flat above eventually settled on sum of £5,000 . If he failed to meet the deadline, the price would have increased by a minimum £1,125.

Bexhill case:

In 2014 we were contacted by Mr Jonathan Hill who, having purchased a garden flat in Bexhill in September 2005. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparable properties in Bexhill with a long lease were worth £173,800. The mid-range amount of ground rent was £60 billed yearly. The lease elapsed in 2081. Given that there were 55 years unexpired we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus expenses.

Bexhill case:

Last month we were called by Dr Y Morel , who bought a first floor flat in Bexhill in October 1999. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative premises in Bexhill with a long lease were worth £235,200. The mid-range ground rent payable was £45 collected monthly. The lease came to a finish on 16 May 2092. Considering the 66 years outstanding we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.