Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Bexhill On Sea. Inevitably, the length of lease left shortens as time goes by. This is often ignored and only becomes a problem when the residence has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Bexhill On Sea have the legal entitlement to extend the lease for an additional ninety years under legislation. Please give careful deliberation before putting off your Bexhill On Sea lease extension. Holding off that expense now likely increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaing from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower. |
| Yorkshire 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. |
Lease extensions in Bexhill On Sea can be a difficult process. We recommend you secure professional help from a conveyancer 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 in-depth market knowledge procuring 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.
Off the back of lengthy correspondence with the landlord of her ground floor apartment in Bexhill On Sea, Freya commenced the lease extension process just as the lease was approaching the crucial 80-year threshold. The lease extension was finalised in January 2007. The freeholder’s costs were kept to an absolute minimum.
Ms M Moore bought a one bedroom apartment in Bexhill On Sea in August 2011. The question was if we could approximate the premium could be for a ninety year lease extension. Comparable premises in Bexhill On Sea with an extended lease were worth £295,000. The average amount of ground rent was £50 billed per annum. The lease ended in 2098. Given that there were 75 years outstanding we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.
In 2012 we were phoned by Dr Isabel Mitchell who, having owned a one bedroom apartment in Bexhill On Sea in November 2009. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable premises in Bexhill On Sea with an extended lease were worth £250,400. The average amount of ground rent was £65 invoiced every twelve months. The lease concluded on 22 September 2087. Having 64 years unexpired we estimated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 not including legals.