Why you should commence your Mayfield lease extension

Why you should start your Mayfield lease extension today:

Increase your lease and increase your Mayfield property value

For anyone whose Mayfield property is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. As a number of flats in Mayfield were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

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

Lease extensions in Mayfield can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Mayfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mayfield Lease Extension Example Cases:

Luke, Mayfield, East Sussex

Half a year ago Luke, came very near to the eighty-year threshold with the lease on his purpose- built flat in Mayfield. In buying his property two decades ago, the unexpired term was of minimal importance. Fortunately, he noticed he needed to take action soon on Extending the lease. Luke arranged for a lease extension at the eleventh hour last April. Luke and the freeholder ultimately agreed on the final figure of £5,500 . If he not met the deadline, the sum would have increased by at least £1,025.

Mayfield case:

Last Autumn we were e-mailed by Dr C Mitchell , who moved into a basement flat in Mayfield in January 1998. The dilemma was if we could estimate the price could be to prolong the lease by an additional years. Comparative flats in Mayfield with an extended lease were worth £218,400. The mid-range ground rent payable was £60 billed per annum. The lease concluded on 1 September 2085. Taking into account 59 years remaining we estimated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of expenses.

Mayfield case:

Last Autumn we were called by Dr Nathaniel Petit , who owned a first floor apartment in Mayfield in April 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Mayfield with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 billed per annum. The lease end date was in 2105. Having 79 years left we calculated the premium to the landlord to extend the lease to be within £7,600 and £8,800 not including legals.