Peacehaven leases on domestic properties are gradually losing value. if your lease has about 90 years left, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Peacehaven will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some situations you may not qualify. There are also strict timetables and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
Irrespective of whether you are a tenant or a freeholder in Peacehaven,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Peacehaven valuers.
After unsuccessful negotiations with the freeholder of her garden flat in Peacehaven, Lydia initiated the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was concluded in June 2014. The landlord’s charges were restricted to below four hundred GBP.
Ms Kirsty Simon acquired a first floor apartment in Peacehaven in September 1998. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Similar homes in Peacehaven with an extended lease were valued about £265,200. The mid-range amount of ground rent was £65 invoiced annually. The lease lapsed on 3 January 2092. Considering the 66 years unexpired we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 plus fees.
Mr and Mrs. M Ali moved into a one bedroom apartment in Peacehaven in January 2010. The question was if we could estimate the premium could be for a ninety year lease extension. Comparative homes in Peacehaven with 100 year plus lease were worth £198,800. The mid-range amount of ground rent was £55 invoiced per annum. The lease ended in 2081. Having 55 years unexpired we calculated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including expenses.