Peacehaven leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Peacehaven will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to comply with once the process is initiated so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| TSB | |
| Virgin |
Retaining our service will provide you better control over the value of your Peacehaven leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Alfie, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Peacehaven. Having purchased his property twenty years previously, the unexpired term was of minimal relevance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Alfie arranged for a lease extension just in the nick of time in January. Alfie and the freeholder in the end agreed on sum of £6,000 . If he not met the deadline, the sum would have escalated by a minimum £1,050.
Mrs G Pérez purchased a newly refurbished apartment in Peacehaven in April 1996. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar flats in Peacehaven with a long lease were valued about £248,000. The mid-range ground rent payable was £65 invoiced per annum. The lease elapsed in 2089. Considering the 63 years outstanding we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus costs.
Mr and Mrs. G Rodríguez owned a first floor apartment in Peacehaven in January 2011. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparable properties in Peacehaven with an extended lease were worth £181,600. The mid-range ground rent payable was £55 billed every twelve months. The lease finished on 1 August 2078. Taking into account 52 years left we calculated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of legals.