On the balance of probabilities if you own a flat in Peacehaven you actually own a long leasehold interest over your property
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
Lender | Requirement |
---|---|
Bank of Scotland | Minimum 70 years from the date of the mortgage. |
Halifax | Minimum 70 years from the date of the mortgage. |
National Westminster Bank | Mortgage term plus 30 years. |
TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Peacehaven can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.
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 procuring Peacehaven lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the landlord of her two bedroom flat in Peacehaven, Melissa started the lease extension process just as the lease was approaching the crucial 80-year threshold. The transaction was concluded in September 2007. The freeholder’s costs were negotiated to approximately 600 GBP.
Dr G Ricardo purchased a studio flat in Peacehaven in November 2008. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Peacehaven with 100 year plus lease were valued about £300,000. The average ground rent payable was £50 billed quarterly. The lease expired on 6 March 2101. Given that there were 76 years as a residual term we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.
Last Christmas we were e-mailed by Dr D Morris , who moved into a basement apartment in Peacehaven in August 1995. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical properties in Peacehaven with a long lease were in the region of £257,800. The mid-range ground rent payable was £65 billed annually. The lease came to a finish in 2090. Considering the 65 years left we calculated the premium to the landlord to extend the lease to be within £17,100 and £19,800 not including costs.