The closer a residential lease in Burgess Hill gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than one hundred years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Burgess Hill will qualify for this right; nevertheless a conveyancing solicitor will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Burgess Hill can be a difficult process. We recommend you obtain guidance 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 Burgess Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Ben, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Burgess Hill. In buying his home two decades ago, the length of the lease was of no relevance. Luckily, he realised he would soon be paying way over the odds for Extending the lease. Ben arranged for a lease extension at the eleventh hour in August. Ben and the freeholder via the managing agents subsequently agreed on a premium of £6,000 . If he not met the deadline, the sum would have gone up by at least £1,150.
Last Autumn we were phoned by Mr and Mrs. D François , who was assigned a lease of a studio flat in Burgess Hill in August 2012. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical premises in Burgess Hill with an extended lease were valued around £246,800. The average ground rent payable was £60 collected per annum. The lease finished on 17 August 2076. Given that there were 50 years remaining we calculated the premium to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of expenses.
Mr and Mrs. W Miller acquired a one bedroom flat in Burgess Hill in August 2012. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable homes in Burgess Hill with 100 year plus lease were valued about £208,200. The mid-range ground rent payable was £65 invoiced annually. The lease came to a finish in 2087. Taking into account 61 years left we approximated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 plus professional charges.