With a residential leasehold premises in Bexhill On Sea, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably once there are fewer than 80 years remaining. Residents in Bexhill On Sea with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has less than 80 years remaining, under the current legislation the freeholder is entitled to calculate and demand a larger premium, assessed on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in Bexhill On Sea with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Bexhill On Sea can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with Bexhill On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake was the the leasehold owner of a 2 bedroom flat in Bexhill On Sea being marketed with a lease of a few days over 72 years remaining. Blake informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Blake to invoke his statutory right. Blake procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Last Christmas we were called by Mr and Mrs. I Hill , who owned a first floor flat in Bexhill On Sea in August 2011. The question was if we could approximate the price would likely be to prolong the lease by a further 90 years. Similar flats in Bexhill On Sea with a long lease were valued about £223,400. The average amount of ground rent was £60 collected annually. The lease expiry date was in 2085. Taking into account 59 years remaining we calculated the premium to the freeholder for the lease extension to be within £27,600 and £31,800 plus expenses.
Last month we were called by Mr and Mrs. K Rodríguez , who purchased a ground floor apartment in Bexhill On Sea in July 1996. The question was if we could approximate the price could be to prolong the lease by an additional years. Similar properties in Bexhill On Sea with an extended lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected monthly. The lease expired on 8 November 2105. Considering the 79 years outstanding we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.