Pevensey Bay leases on residential deteriorating in value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay half 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. Flat owners in Pevensey Bay will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Pevensey Bay with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Lease extensions in Pevensey Bay can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 a wealth of experience 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.
In recent months Isaac, started to get close to the 80-year mark with the lease on his first floor flat in Pevensey Bay. Having purchased his home twenty years ago, the length of the lease was of no significance. As luck would have it, he realised he would imminently be paying an escalated premium for a lease extension. Isaac arranged for a lease extension at the eleventh hour in May. Isaac and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If the lease had slid below 80 years, the price would have increased by a minimum £1,150.
Last Christmas we were contacted by Mr and Mrs. F Nelson , who bought a basement apartment in Pevensey Bay in January 2008. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparative premises in Pevensey Bay with a long lease were in the region of £183,600. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ended in 2083. Given that there were 57 years outstanding we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus legals.
Mr and Mrs. S Wright bought a studio flat in Pevensey Bay in July 1997. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar properties in Pevensey Bay with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 collected every twelve months. The lease elapsed on 8 July 2094. Given that there were 68 years unexpired we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.