Top reasons for Lancing lease extension

Why you should commence your Lancing lease extension today:

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

The re-sale value of a leasehold property in Lancing is impacted by how many years the lease has left to run. If it is near to or less than 80 years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of purchasing. It is preferable to start the lease extension process when the lease still has 82 years remaining so that a lease extension can be finalised prior to the 80 year cut off point. Leasehold Reform legislation entitles Lancing qualifying lessees to acquire a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold premises in Lancing 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 home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not loan monies with a short lease

Most mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Lancing property becoming difficult to sell or to obtain finance on.

What makes us experts in Lancing lease extensions?

Lease extensions in Lancing can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 Lancing lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lancing Lease Extension Example Cases:

Abigail, Lancing, West Sussex,

In the wake of 9 months of protracted negotiations with the freeholder of her basement flat in Lancing, Abigail commenced the lease extension process as the 80 year mark was fast nearing. The legal work was concluded in January 2005. The freeholder’s charges were negotiated to approximately 450 GBP.

Lancing case:

Mr and Mrs. O Díaz was assigned a lease of a basement apartment in Lancing in May 2006. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar premises in Lancing with a long lease were valued around £270,000. The mid-range ground rent payable was £55 billed monthly. The lease termination date was on 22 October 2101. Given that there were 75 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Lancing case:

Mr and Mrs. U Collins was assigned a lease of a garden flat in Lancing in May 2005. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Comparative properties in Lancing with a long lease were valued about £168,800. The average amount of ground rent was £60 invoiced per annum. The lease expired in 2081. Considering the 55 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus costs.