When it comes to residential leasehold property in East Dean, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly when there are less than eighty years left. Anyone in East Dean with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When a lease has under eighty years remaining, under the relevant legislation the freeholder is entitled to calculate and charge a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in East Dean,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Dean valuers.
Subsequent to unsuccessful correspondence with the freeholder of her first floor flat in East Dean, Rachael commenced the lease extension process just as her lease was coming close to the all-important 80-year mark. The transaction was concluded in August 2005. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. I Lefèvre bought a basement flat in East Dean in October 2008. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparable residencies in East Dean with a long lease were valued around £206,200. The mid-range ground rent payable was £60 collected yearly. The lease expired in 2082. Given that there were 56 years left we calculated the premium to the landlord to extend the lease to be within £32,300 and £37,400 not including professional charges.
In 2014 we were phoned by Mr J Bertrand who, having took over the lease of a one bedroom apartment in East Dean in September 2005. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Identical flats in East Dean with a long lease were valued about £300,000. The mid-range amount of ground rent was £50 billed monthly. The lease came to a finish on 11 November 2102. Having 76 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.