With a domestic leasehold premises in East Dean, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially when there are fewer than eighty years left. Residents in East Dean with a lease nearing 81 years left should seriously consider extending it sooner than later. Once a lease has under eighty years outstanding, under the relevant legislation the landlord is entitled to calculate and demand a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| The Mortgage Works |
Using 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 want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted discussions with the landlord of her two bedroom flat in East Dean, Naomi initiated the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The legal work completed in September 2013. The freeholder’s costs were restricted to a tad over 550 GBP.
Dr Harvey Young bought a one bedroom apartment in East Dean in June 1998. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in East Dean with a long lease were valued about £230,800. The average amount of ground rent was £60 invoiced quarterly. The lease ended on 21 May 2086. Having 60 years as a residual term we calculated the premium to the landlord for the lease extension to be within £24,700 and £28,600 not including professional charges.
Last August we were phoned by Ms Ashleigh Alexander , who purchased a one bedroom flat in East Dean in September 2010. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Similar homes in East Dean with a long lease were valued about £210,000. The mid-range amount of ground rent was £50 collected per annum. The lease lapsed on 1 October 2106. Given that there were 80 years left we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.