With a domestic leasehold premises in Lewes, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are less than eighty years remaining. Leasehold owners in Lewes with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. Once a lease has below eighty years remaining, under the current legislation the freeholder can calculate and demand a greater premium, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
The conveyancers that we work with handle Lewes 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.
Following lengthy discussions with the freeholder of her basement apartment in Lewes, Rebecca started the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction completed in March 2011. The freeholder’s charges were kept to an absolute minimum.
Dr C Lee acquired a studio apartment in Lewes in February 2006. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Lewes with 100 year plus lease were worth £218,000. The average amount of ground rent was £45 billed per annum. The lease elapsed on 16 April 2089. Having 63 years left we approximated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 plus expenses.
In 2011 we were e-mailed by Ms Emma Nguyen who, having bought a ground floor flat in Lewes in July 2000. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative premises in Lewes with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease elapsed in 2100. Having 74 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.