Lindfield leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Lindfield tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Lindfield you must check if your lease has between 70 and 90 years remaining. There are good reasons why a Lindfield leaseholder with a lease having around 80 years left should take action to make sure that a lease extension is actioned without delay
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Engaging our service will provide you increased control over the value of your Lindfield leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of protracted negotiations with the landlord of her studio flat in Lindfield, Ashleigh started the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The legal work completed in September 2012. The freeholder’s charges were kept to an absolute minimum.
Last Winter we were contacted by Dr Benjamin Norbert , who took over the lease of a basement apartment in Lindfield in November 2008. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable properties in Lindfield with a long lease were worth £261,600. The mid-range ground rent payable was £60 collected quarterly. The lease lapsed on 9 April 2077. Considering the 52 years as a residual term we approximated the premium to the landlord to extend the lease to be between £39,000 and £45,000 exclusive of costs.
Mr and Mrs. C Dupont acquired a newly refurbished apartment in Lindfield in January 2004. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical premises in Lindfield with an extended lease were in the region of £218,000. The average amount of ground rent was £45 collected monthly. The lease finished in 2088. Having 63 years unexpired we estimated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of fees.