For anyone whose Pevensey home is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.
Leasehold properties in Pevensey with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Santander | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Pevensey can be a difficult process. We recommend you obtain professional help from a lawyer 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 Pevensey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jude owned a high value flat in Pevensey on the market with a lease of just over sixty years outstanding. Jude informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Jude to invoke his statutory right. Jude obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were phoned by Mr and Mrs. I Morgan , who acquired a purpose-built apartment in Pevensey in June 1998. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative premises in Pevensey with a long lease were valued about £225,400. The average ground rent payable was £45 billed monthly. The lease ended on 16 February 2090. Given that there were 64 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 plus fees.
In 2010 we were phoned by Dr Natalie Leroy who, having bought a studio flat in Pevensey in August 2008. The question was if we could approximate the price would likely be to prolong the lease by a further 90 years. Similar properties in Pevensey with 100 year plus lease were valued about £270,000. The average ground rent payable was £55 collected yearly. The lease elapsed on 4 April 2101. Considering the 75 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.