Unfortunately that a Bexhill On Sea residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Bexhill On Sea property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher amount will be payable. Most flat owners in Bexhill On Sea will be able to extend under the legislation; however a conveyancer should be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
Leasehold premises in Bexhill On Sea with more than 100 years outstanding 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 circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Engaging our service will provide you better control over the value of your Bexhill On Sea leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Max owned a 2 bedroom flat in Bexhill On Sea being sold with a lease of a few days over sixty years unexpired. Max informally approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Max to exercise his statutory right. Max procured expert advice and secured satisfactory resolution informally and sell the property.
Ms L Gunderson acquired a one bedroom apartment in Bexhill On Sea in February 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable residencies in Bexhill On Sea with an extended lease were worth £198,800. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2081. Taking into account 55 years left we approximated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 plus costs.
In 2013 we were phoned by Mr I Robinson who, having took over the lease of a purpose-built apartment in Bexhill On Sea in July 2009. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Similar flats in Bexhill On Sea with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 collected yearly. The lease finished in 2101. Taking into account 75 years remaining we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.