Bexhill leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the current lease drops below eighty years - otherwise a higher amount will be due. Flat owners in Bexhill will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain situations you may not qualify. There are prescribed timetables and steps to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.
Leasehold properties in Bexhill with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Retaining our service gives you increased control over the value of your Bexhill leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Elijah, started to get close to the 80-year mark with the lease on his studio flat in Bexhill. In buying his flat two decades ago, the unexpired term was of no interest. by good luck, he realised he needed to take steps soon on a lease extension. Elijah was able to extend his lease at the eleventh hour last August. Elijah and the landlord who owned the flat above eventually settled on a premium of £6,000 . If he not met the deadline, the price would have become more costly by at least £875.
In 2012 we were phoned by Mr and Mrs. H Kelly who, having moved into a garden apartment in Bexhill in October 2000. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar properties in Bexhill with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 collected per annum. The lease terminated on 18 November 2100. Given that there were 74 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.
In 2013 we were e-mailed by Mrs W Bonnet who, having was assigned a lease of a ground floor apartment in Bexhill in May 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar properties in Bexhill with an extended lease were worth £166,400. The average amount of ground rent was £60 collected quarterly. The lease ended on 10 June 2080. Taking into account 54 years remaining we approximated the premium to the landlord for the lease extension to be between £32,300 and £37,400 plus professional charges.