Main reasons to commence your East Grinstead lease extension

Main reasons to start your East Grinstead lease extension today:

A East Grinstead lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in East Grinstead have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your East Grinstead lease extension. Shelving the costs now simply increases the premium you will ultimately have to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold premises in East Grinstead with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties once you come to market or remortgage your flat as it will be effectively unmortgageable. You might not have an imminent plan to sell but when you do your purchaser will need to wait a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in East Grinstead?

Lease extensions in East Grinstead can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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

East Grinstead Lease Extension Case Summaries:

Omar, East Grinstead, West Sussex

Two years ago Omar, came very close to the 80-year mark with the lease on his purpose- built flat in East Grinstead. Having bought his property 19 years ago, the lease term was of minimal bearing. Thankfully, he noticed he needed to take action soon on Extending the lease. Omar was able to extend his lease just ahead of time in March. Omar and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If the lease had slipped to less than 80 years, the figure would have increased by at least £1,075.

East Grinstead case:

Last month we were contacted by Ms Aimee Clarke , who owned a ground floor apartment in East Grinstead in June 1999. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative homes in East Grinstead with an extended lease were valued about £235,200. The average ground rent payable was £45 billed annually. The lease terminated on 7 November 2092. Taking into account 66 years left we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.

East Grinstead case:

In 2009 we were e-mailed by Ms Gemma Johnson who, having owned a first floor flat in East Grinstead in January 2010. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar flats in East Grinstead with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease expiry date was in 2103. Considering the 77 years left we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.