Main reasons to commence your Pevensey Bay lease extension

Main reasons to commence your Pevensey Bay lease extension today:

Increase your lease and increase your Pevensey Bay property value

The only way is down when it comes to Pevensey Bay lease terms. Pevensey Bay properties that have a remaining term shorter than eighty years will drop in value even faster, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Given that a number of flats in Pevensey Bay were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

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

Lease extensions in Pevensey Bay can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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 in-depth market knowledge procuring Pevensey Bay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pevensey Bay Lease Extension Case Studies:

Mason, Pevensey Bay, East Sussex

Last Christmas Mason, started to get close to the eighty-year threshold with the lease on his garden flat in Pevensey Bay. Having purchased his home 18 years ago, the lease term was of minimal relevance. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Mason extended the lease just under the wire in July. Mason and the landlord subsequently agreed on a premium of £5,500 . If the lease had slipped to less than 80 years, the sum would have become more exhorbitant by at least £1,100.

Pevensey Bay case:

Last Christmas we were approach by Mr and Mrs. E Hill , who owned a newly refurbished flat in Pevensey Bay in March 1995. The question was if we could estimate the price would be for a 90 year lease extension. Comparative properties in Pevensey Bay with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced annually. The lease ran out on 23 May 2102. Considering the 76 years as a residual term we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.

Pevensey Bay case:

Last month we were approach by Mr and Mrs. B Mercier , who was assigned a lease of a studio apartment in Pevensey Bay in September 1999. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Similar properties in Pevensey Bay with an extended lease were worth £176,200. The mid-range amount of ground rent was £65 collected yearly. The lease expired in 2082. Having 56 years remaining we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 plus costs.