Haywards Heath leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Leasehold owners in Haywards Heath will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not qualify. There are prescribed timetables and procedures to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Haywards Heath with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a freeholder in Haywards Heath,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Haywards Heath valuers.
Last Spring Sam, started to get close to the eighty-year mark with the lease on his ground floor flat in Haywards Heath. In buying his home 19 years previously, the length of the lease was of minimal concern. by good luck, he recognised he needed to take action soon on Extending the lease. Sam arranged for a lease extension just under the wire in January. Sam and the freeholder via the management company subsequently settled on an amount of £5,000 . If the lease had slid to less than eighty years, the premium would have gone up by at least £900.
Mr C Gunderson bought a ground floor apartment in Haywards Heath in March 1995. The question was if we could estimate the premium could be to prolong the lease by an additional years. Similar residencies in Haywards Heath with 100 year plus lease were worth £260,200. The average amount of ground rent was £65 billed annually. The lease lapsed on 19 March 2092. Having 66 years remaining we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 not including fees.
In 2011 we were phoned by Dr M Stewart who, having purchased a first floor apartment in Haywards Heath in March 1995. We are asked if we could approximate the price would be for a 90 year lease extension. Comparative flats in Haywards Heath with an extended lease were in the region of £198,800. The mid-range ground rent payable was £55 collected quarterly. The lease elapsed on 1 January 2081. Considering the 55 years outstanding we estimated the premium to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of fees.