Main reasons to start your Littlehampton lease extension

Why you should start your Littlehampton lease extension today:

A Littlehampton lease depreciates with the years remaining on the lease.

The value of Littlehampton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is less than eighty years

Littlehampton property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Most banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this could result in your Littlehampton property becoming difficult to dispose of or refinance.

Get in touch with one of our Littlehampton lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Littlehampton,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Littlehampton valuers.

Littlehampton Lease Extension Case Summaries:

Danielle, Littlehampton, West Sussex,

Subsequent to protracted correspondence with the freeholder of her studio apartment in Littlehampton, Danielle commenced the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work was finalised in April 2010. The landlord’s fees were restricted to a tad over 450 pounds.

Littlehampton case:

Last Summer we were phoned by Dr K Bell , who was assigned a lease of a garden flat in Littlehampton in November 2007. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Similar premises in Littlehampton with a long lease were valued around £248,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease concluded in 2089. Considering the 63 years left we calculated the premium to the landlord for the lease extension to be within £20,000 and £23,000 plus legals.

Littlehampton case:

Last year we were e-mailed by Dr Joshua Rivera , who acquired a one bedroom apartment in Littlehampton in October 2010. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical properties in Littlehampton with an extended lease were worth £181,600. The average amount of ground rent was £55 collected every twelve months. The lease ran out on 27 May 2078. Given that there were 52 years unexpired we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 plus fees.