Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Crowborough. Clearly, the term of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Crowborough have the right to extend the lease for an additional 90 years in accordance with statute. Do give due consideration before delaying your Crowborough lease extension. Holding off that expense now simply increases the price you will ultimately have to pay to extend your lease
Leasehold properties in Crowborough with more than one hundred years left 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 circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax |
Lease extensions in Crowborough can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge 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.
In recent months Daniel, started to get close to the 80-year threshold with the lease on his garden apartment in Crowborough. Having purchased his flat two decades ago, the lease term was of no importance. Fortunately, he realised he needed to take action soon on a lease extension. Daniel arranged for a lease extension at the eleventh hour last January. Daniel and the freeholder in the end settled on the final figure of £6,000 . If he had missed the deadline, the sum would have escalated by at least £1,100.
In 2012 we were contacted by Dr Harry Jackson who, having was assigned a lease of a first floor apartment in Crowborough in May 1996. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparable flats in Crowborough with 100 year plus lease were valued about £183,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease finished on 11 July 2083. Given that there were 57 years unexpired we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including expenses.
Last Autumn we were approach by Mrs Kate Petit , who owned a garden apartment in Crowborough in July 2008. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Similar homes in Crowborough with an extended lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease terminated on 26 July 2094. Having 68 years left we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.