With a domestic leasehold property in Lewes, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than eighty years left. Leasehold owners in Lewes with a lease drawing near to 81 years remaining should seriously think of extending it sooner than later. Once a lease has below eighty years outstanding, under the relevant Act the freeholder can calculate and levy a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Lewes can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 in-depth market knowledge procuring Lewes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of protracted correspondence with the landlord of her leasehold flat in Lewes, Sarah started the lease extension process just as her lease was approaching the all-important eighty-year mark. The legal work was finalised in April 2014. The freeholder’s charges were restricted to a tad over 650 pounds.
Last month we were e-mailed by Ms L Morris , who moved into a garden apartment in Lewes in March 2006. The question was if we could estimate the price would likely be for a 90 year lease extension. Identical homes in Lewes with a long lease were worth £265,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended on 18 August 2098. Given that there were 73 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.
Last Spring we were called by Mr and Mrs. T López , who was assigned a lease of a one bedroom flat in Lewes in October 2005. The question was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparable residencies in Lewes with a long lease were in the region of £264,000. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish in 2078. Having 53 years remaining we estimated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of expenses.