As the the remaining lease term of a Crowborough residential lease lessens so does its value and therefore the value of your property. If the lease has, more than 100 years remaining then this decrease may be negligible however there will become a stage when a lease has under than eighty 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 main rational as to why you should consider extending without delay. Most flat owners in Crowborough will meet the qualifying criteria; that being said a conveyancer can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Crowborough can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 a wealth of experience dealing with Crowborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Austin was the the leasehold owner of a 2 bedroom flat in Crowborough on the market with a lease of a few days over sixty years left. Austin informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Austin to invoke his statutory right. Austin procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the flat.
Last Winter we were approach by Mrs Victoria Smith , who owned a garden flat in Crowborough in July 2012. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative properties in Crowborough with 100 year plus lease were worth £218,000. The average ground rent payable was £45 billed quarterly. The lease ran out in 2089. Considering the 63 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 plus legals.
Mr and Mrs. N Petit acquired a first floor apartment in Crowborough in May 2002. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Similar flats in Crowborough with an extended lease were worth £265,000. The average ground rent payable was £50 billed annually. The lease ran out on 10 May 2100. Considering the 74 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.