On the balance of probabilities if you own a flat in Littlehampton you actually own a long leasehold interest over your property
Leasehold premises in Littlehampton with in excess of 100 years unexpired 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Littlehampton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 Littlehampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake owned a conversion apartment in Littlehampton being marketed with a lease of a few days over sixty years outstanding. Blake on an informal basis contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Blake to exercise his statutory right. Blake obtained expert advice and was able to make an informed judgement and deal with the matter and sell the property.
Mrs E Bailey owned a ground floor flat in Littlehampton in June 2004. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Comparable residencies in Littlehampton with a long lease were worth £174,200. The mid-range ground rent payable was £55 collected per annum. The lease finished on 2 March 2077. Considering the 51 years unexpired we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of costs.
Last Autumn we were e-mailed by Dr Teddy Peterson , who owned a one bedroom apartment in Littlehampton in September 2012. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar flats in Littlehampton with a long lease were worth £285,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ended on 13 October 2097. Taking into account 71 years left we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.