The only way is down when it comes to Hastings lease terms. Hastings flats that have a remaining term less than than eighty years will de-escalate in value even faster, and the cost to extend your lease will go up.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Hastings,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hastings valuers.
After unsuccessful negotiations with the landlord of her basement flat in Hastings, Zoe initiated the lease extension process just as her lease was nearing the crucial 80-year threshold. The transaction was concluded in June 2013. The landlord’s fees were restricted to less than 600 pounds.
Last Winter we were approach by Dr V Howard , who completed a garden apartment in Hastings in June 1999. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar residencies in Hastings with a long lease were valued around £246,800. The average amount of ground rent was £60 invoiced quarterly. The lease ran out in 2076. Given that there were 50 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 exclusive of expenses.
In 2012 we were approached by Mr S Reed who, having owned a studio apartment in Hastings in March 2012. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparable properties in Hastings with a long lease were worth £208,200. The average amount of ground rent was £65 invoiced every twelve months. The lease concluded in 2087. Considering the 61 years unexpired we estimated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus fees.