When it comes to domestic leasehold property in Lindfield, 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. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive notably once there are less than eighty years left. Leasehold owners in Lindfield with a lease drawing near to 81 years left should seriously consider extending it without delay. When the lease term has under eighty years outstanding, under the relevant legislation the freeholder is entitled to calculate and demand a greater amount, based on a technical multiplication, known as “marriage value” which is due.
Leasehold properties in Lindfield with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
Irrespective of whether you are a tenant or a landlord in Lindfield,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lindfield valuers.
Edward was the the leasehold proprietor of a conversion apartment in Lindfield being sold with a lease of fraction over 61 years outstanding. Edward on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Edward to invoke his statutory right. Edward obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Dr N François bought a one bedroom apartment in Lindfield in January 1997. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparable properties in Lindfield with an extended lease were in the region of £265,000. The average ground rent payable was £55 collected annually. The lease lapsed in 2100. Considering the 74 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.
Mr and Mrs. K Bennett owned a ground floor flat in Lindfield in February 2005. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Comparative premises in Lindfield with 100 year plus lease were in the region of £166,400. The mid-range ground rent payable was £60 collected quarterly. The lease concluded on 14 April 2080. Given that there were 54 years outstanding we estimated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including professional charges.