Hove leases on domestic properties are gradually losing value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Hove will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Hove can be a difficult process. We recommend you obtain professional help from a lawyer 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 Hove lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jackson owned a 2 bedroom flat in Hove on the market with a lease of a few days over 59 years remaining. Jackson on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Jackson to invoke his statutory right. Jackson procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Mrs F Clark owned a studio flat in Hove in May 2003. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Comparable premises in Hove with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 invoiced yearly. The lease expired on 12 August 2099. Given that there were 73 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.
Last month we were e-mailed by Mr and Mrs. W Nguyen , who owned a purpose-built flat in Hove in March 2003. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparative premises in Hove with a long lease were valued around £240,600. The average amount of ground rent was £65 billed every twelve months. The lease expired on 13 May 2088. Considering the 62 years left we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of fees.