There is no doubt about it a leasehold property in Eastbourne is a wasting asset as a result of the shortening lease. Where the lease has, more than 125 years remaining then this decrease may be of little impact however there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Eastbourne will qualify for this right; nevertheless a conveyancing solicitor can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Eastbourne with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Eastbourne,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Eastbourne valuers.
Jackson owned a conversion apartment in Eastbourne on the market with a lease of a few days over 59 years unexpired. Jackson informally contacted his landlord being a well known Manchester-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 £125 yearly. No ground rent would be due on a lease extension were Jackson to invoke his statutory right. Jackson procured expert advice and secured satisfactory resolution informally and readily saleable.
Last Christmas we were approach by Mr and Mrs. R Norbert , who completed a garden apartment in Eastbourne in September 1999. The question was if we could estimate the price would be for a ninety year extension to my lease. Identical homes in Eastbourne with a long lease were worth £300,000. The average ground rent payable was £50 invoiced quarterly. The lease expired in 2102. Taking into account 76 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.
Last Summer we were phoned by Ms Abbie Flores , who owned a garden flat in Eastbourne in July 2009. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Comparative properties in Eastbourne with a long lease were in the region of £252,800. The mid-range amount of ground rent was £65 billed per annum. The lease finished in 2091. Having 65 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including fees.