Lindfield leases on residential properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the current lease drops lower than 80 years - otherwise a higher amount will be payable. Leasehold owners in Lindfield will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Lindfield can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.
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 Lindfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ryan owned a high value apartment in Lindfield being marketed with a lease of a little over 59 years unexpired. Ryan informally contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Ryan to exercise his statutory right. Ryan procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.
Last Christmas we were contacted by Dr S Bertrand , who took over the lease of a one bedroom apartment in Lindfield in November 2000. The dilemma was if we could estimate the price would be to prolong the lease by 90 years. Comparable residencies in Lindfield with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £55 billed annually. The lease termination date was in 2102. Considering the 76 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.
In 2010 we were contacted by Mr J Brooks who, having acquired a purpose-built flat in Lindfield in August 1997. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Comparable properties in Lindfield with a long lease were in the region of £176,200. The mid-range amount of ground rent was £65 billed yearly. The lease expiry date was in 2082. Given that there were 56 years remaining we estimated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of professional charges.