The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Angmering can extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Angmering lease extension. Shelving the costs now simply escalates the price you will eventually have to pay to extend the lease.
It is conventional wisdom that a residential leasehold 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 property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
Engaging our service will provide you increased control over the value of your Angmering leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Ali owned a high value flat in Angmering being sold with a lease of just over 59 years left. Ali informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Ali to invoke his statutory right. Ali procured expert advice and secured satisfactory deal without resorting to tribunal and readily saleable.
Last year we were contacted by Mr S Garcia , who purchased a one bedroom flat in Angmering in May 1995. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Similar properties in Angmering with a long lease were in the region of £240,600. The mid-range ground rent payable was £60 collected annually. The lease expired on 20 June 2087. Considering the 62 years remaining we estimated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 not including costs.
Last August we were called by Ms N Gunderson , who owned a ground floor apartment in Angmering in November 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in Angmering with an extended lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease lapsed on 6 September 2076. Considering the 51 years unexpired we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.