Top reasons for East Dean lease extension
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Main reasons to commence your East Dean lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/east-dean">East Dean</a> leasehold property depreciates with the years remaining on the lease.
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East Dean leases on residential deteriorating in value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in East Dean will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.
<h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold properties in East Dean with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it. <h4>Lending institutions may decide not to loan monies on a short lease</h4> Lending institutions are less likely to give a mortgage on a domestic property in East Dean with a short lease. Some lenders simply refuse a mortgage on leases with below 75 years left.
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<td>Chelsea Building Society</td>
<td> 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.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Yorkshire Building Society</td>
<td> 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.
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<h4>
Why use us for your lease extension in East Dean? </h4>
<p> Engaging our service gives you better control over the value of your East Dean leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell.
The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions. <h4>
East Dean Lease Extension Case Studies:
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<h5> Blake, East Dean, East Sussex</h5>
<p> In 2014 Blake, came seriously near to the eighty-year mark with the lease on his first floor apartment in East Dean. In buying his property 19 years ago, the unexpired term was of little concern. by good luck, he became aware that he needed to take action soon on a lease extension. Blake extended the lease just under the wire last January. Blake and the landlord eventually agreed on sum of £5,000 . If he failed to meet the deadline, the price would have increased by at least £1,075.
<h5>East Dean case:</h5>
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In 2013 we were contacted by Mr and Mrs. C Wright who, having completed a ground floor apartment in East Dean in September 2006. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative flats in East Dean with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed quarterly. The lease terminated on 26 June 2096. Having 70 years outstanding we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus expenses.
<h5>East Dean case:</h5>
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Last October we were contacted by Mr Teddy Jackson , who
took over the lease of a basement apartment in East Dean in November 1995. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparative residencies in East Dean with a long lease were in the region of £223,400. The average ground rent payable was £60 invoiced every twelve months. The lease finished in 2085. Given that there were 59 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 not including professional charges.
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