Why you should start your East Dean lease extension

Main reasons to commence your East Dean lease extension today:

A East Dean leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in East Dean you actually own a long leasehold interest over your property

East Dean property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not finance a property with a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as unacceptable for lending purposes.

Why use us for your lease extension in East Dean?

Lease extensions in East Dean can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 dealing with East Dean lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Dean Lease Extension Example Cases:

Muhammad, East Dean, East Sussex

During the course of the last few months Muhammad, started to get near to the eighty-year threshold with the lease on his leasehold apartment in East Dean. Having bought his home two decades ago, the unexpired term was of little relevance. As luck would have it, he recognised he would imminently be paying an escalated premium for Extending the lease. Muhammad was able to extend his lease just ahead of time last July. Muhammad and the freeholder via the management company eventually settled on sum of £6,000 . If the lease had fallen lower than 80 years, the amount would have gone up by at least £1,125.

East Dean case:

Ms Nicole Torres completed a recently refurbished flat in East Dean in January 2000. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable premises in East Dean with an extended lease were valued around £181,600. The average amount of ground rent was £55 collected yearly. The lease ended on 4 February 2078. Given that there were 52 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including expenses.

East Dean case:

In 2014 we were phoned by Mr and Mrs. J Phillips who, having moved into a one bedroom apartment in East Dean in March 2000. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Comparative properties in East Dean with an extended lease were worth £290,000. The average amount of ground rent was £45 billed quarterly. The lease ended in 2098. Taking into account 72 years outstanding we estimated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of legals.