Why you should commence your Bexhill On Sea lease extension

Top reasons for lease extension now:

A Bexhill On Sea leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Bexhill On Sea you actually own a long leasehold interest over your property

Bexhill On Sea property with a lease extension has roughly the same value as a freehold

Leasehold premises in Bexhill On Sea with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Mortgage companies are really clamping down as regards to homes in Bexhill On Sea with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

What makes us experts in Bexhill On Sea lease extensions?

The conveyancers that we work with procure Bexhill On Sea lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Bexhill On Sea Lease Extension Example Cases:

Alfie, Bexhill On Sea, East Sussex,

Alfie owned a studio apartment in Bexhill On Sea on the market with a lease of a little over sixty years remaining. Alfie on an informal basis spoke with his landlord a well known London-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 an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Alfie to exercise his statutory right. Alfie obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Bexhill On Sea case:

Dr Noah Davis was assigned a lease of a one bedroom flat in Bexhill On Sea in July 2000. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Identical homes in Bexhill On Sea with a long lease were valued around £265,200. The mid-range ground rent payable was £65 collected every twelve months. The lease termination date was on 13 March 2092. Considering the 66 years unexpired we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus legals.

Bexhill On Sea case:

In 2010 we were phoned by Mr and Mrs. V Morris who, having bought a ground floor apartment in Bexhill On Sea in February 2000. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Similar residencies in Bexhill On Sea with an extended lease were worth £198,800. The average ground rent payable was £55 billed monthly. The lease terminated in 2081. Considering the 55 years unexpired we estimated the premium to the landlord for the lease extension to be within £33,300 and £38,400 not including legals.