The nearer a domestic lease in Newhaven nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, in excess of 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. Many flat owners in Newhaven will meet the qualifying criteria; however a lawyer can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold properties in Newhaven with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Newhaven can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 dealing with Newhaven lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful discussions with the freeholder of her purpose-built apartment in Newhaven, Maisie started the lease extension process as the eighty year deadline was rapidly advancing. The legal work was concluded in September 2012. The landlord’s fees were kept to an absolute minimum.
Ms F Bailey purchased a garden apartment in Newhaven in April 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable premises in Newhaven with a long lease were valued about £166,400. The mid-range ground rent payable was £60 invoiced per annum. The lease expiry date was on 4 November 2079. Considering the 54 years unexpired we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 plus professional charges.
Last Winter we were contacted by Mr I Laurent , who bought a first floor flat in Newhaven in April 2011. The question was if we could estimate the price could be to prolong the lease by ninety years. Comparable flats in Newhaven with 100 year plus lease were worth £227,800. The mid-range amount of ground rent was £45 billed monthly. The lease ran out on 27 March 2090. Taking into account 65 years left we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.