Kemp Town leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Kemp Town enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Kemp Town you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value
Leasehold premises in Kemp Town with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kemp Town can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge procuring Kemp Town lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted negotiations with the landlord of her garden apartment in Kemp Town, Jordan initiated the lease extension process just as her lease was coming close to the critical eighty-year threshold. The transaction was finalised in July 2013. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. M Allen was assigned a lease of a studio apartment in Kemp Town in April 1997. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative homes in Kemp Town with an extended lease were valued about £250,400. The average ground rent payable was £65 collected per annum. The lease finished on 3 June 2090. Having 64 years remaining we estimated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of expenses.
Last Spring we were contacted by Mrs H Mercier , who bought a one bedroom flat in Kemp Town in January 2011. The question was if we could approximate the price could be for a 90 year extension to my lease. Similar residencies in Kemp Town with an extended lease were valued about £189,000. The mid-range ground rent payable was £55 invoiced monthly. The lease lapsed on 17 May 2079. Taking into account 53 years left we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of legals.