Stop! Your Lease Extension in Hastings Could Be FREE

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Many leaseholders in Hastings are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hastings has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Hastings lease extension

Top reasons for lease extension now:

A Hastings leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Hastings you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Hastings with more than one hundred years unexpired on the lease are often 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 freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not lend with a short lease

Banks and building societies differ in their lending criteria. Some set the bar at seventy five years left on the lease; others may be happy with anything in excess 70 years. With less than sixty years, it may be difficult to get a mortgage in the first place.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Hastings lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Hastings,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hastings valuers.

Hastings Lease Extension Case Summaries:

Courtney, Hastings, East Sussex,

Subsequent to lengthy negotiations with the freeholder of her ground floor flat in Hastings, Courtney commenced the lease extension process as the 80 year deadline was swiftly nearing. The transaction completed in August 2007. The landlord’s costs were negotiated to below 600 pounds.

Hastings case:

In 2014 we were called by Mr Caleb Bernard who, having moved into a one bedroom flat in Hastings in August 2006. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Identical flats in Hastings with an extended lease were in the region of £260,000. The average amount of ground rent was £50 collected annually. The lease finished in 2098. Given that there were 72 years outstanding we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.

Hastings case:

Last month we were phoned by Dr Kate Clark , who was assigned a lease of a first floor apartment in Hastings in May 1995. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Similar premises in Hastings with an extended lease were valued about £261,600. The average ground rent payable was £60 collected quarterly. The lease came to a finish on 24 October 2078. Given that there were 52 years outstanding we approximated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 not including costs.