Top reasons for Lancing lease extension

Why you should start your Lancing lease extension today:

A Lancing lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Lancing. Clearly, the period of lease left shortens over time. This is often overlooked and only becomes a problem when the residence has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Eligible long lease owners in Lancing have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give due attention before delaying your Lancing lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension

Lancing property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not finance a property on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. In the past banks would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Lancing?

The conveyancers that we work with undertake Lancing lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Lancing Lease Extension Example Cases:

Edward, Lancing, West Sussex,

Edward owned a 2 bedroom apartment in Lancing on the market with a lease of fraction over fifty eight years left. Edward informally spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be due on a lease extension were Edward to exercise his statutory right. Edward obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.

Lancing case:

Last Summer we were e-mailed by Dr L Nelson , who moved into a recently refurbished apartment in Lancing in September 2006. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Similar residencies in Lancing with an extended lease were valued around £218,000. The mid-range ground rent payable was £45 collected annually. The lease expired in 2089. Given that there were 63 years unexpired we calculated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 not including fees.

Lancing case:

In 2013 we were phoned by Dr R Rivera who, having was assigned a lease of a basement flat in Lancing in June 2007. We are asked if we could approximate the price could be for a 90 year lease extension. Identical homes in Lancing with a long lease were in the region of £265,000. The mid-range ground rent payable was £50 collected monthly. The lease came to a finish on 25 September 2100. Given that there were 74 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.