The only way is down when it comes to Eastney and Southsea lease terms. Eastney and Southsea properties that have a lease term shorter than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.
Leasehold residencies in Eastney and Southsea with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| TSB | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Eastney and Southsea can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor 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 a wealth of experience procuring Eastney and Southsea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jasper was the the leasehold proprietor of a studio flat in Eastney and Southsea on the market with a lease of a few days over 59 years remaining. Jasper informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jasper to invoke his statutory right. Jasper procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Last Autumn we were contacted by Mr and Mrs. J Pérez , who took over the lease of a one bedroom flat in Eastney and Southsea in January 1998. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative flats in Eastney and Southsea with an extended lease were worth £280,000. The average amount of ground rent was £45 billed per annum. The lease came to a finish on 19 May 2096. Having 70 years as a residual term we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including professional charges.
Dr Joshua François bought a first floor flat in Eastney and Southsea in September 1999. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Identical residencies in Eastney and Southsea with a long lease were valued around £223,400. The average ground rent payable was £60 collected yearly. The lease terminated on 15 February 2085. Given that there were 59 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 not including legals.