East Dean leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher premium will be due. Leasehold owners in East Dean will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some situations you may not be entitled. There are prescribed deadlines and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
The conveyancing solicitors that we work with procure East Dean lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Max was the the leasehold proprietor of a studio apartment in East Dean on the market with a lease of just over 72 years remaining. Max informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be due on a lease extension were Max to invoke his statutory right. Max procured expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
Mr and Mrs. J Hall purchased a recently refurbished apartment in East Dean in February 2009. We are asked if we could approximate the price could be to extend the lease by 90 years. Identical premises in East Dean with a long lease were worth £210,000. The average ground rent payable was £50 billed yearly. The lease expired on 9 October 2105. Taking into account 79 years remaining we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.
Last Spring we were phoned by Mr and Mrs. C Roux , who took over the lease of a garden apartment in East Dean in January 2012. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparative homes in East Dean with 100 year plus lease were valued around £275,000. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish in 2094. Having 68 years remaining we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.