The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Pevensey Bay have the right to extend the lease for an additional 90 years in accordance with legislation. Please give careful consideration before delaying your Pevensey Bay lease extension. Shelving the costs today simply increases the price you will ultimately be required to pay for a lease extension.
Leasehold residencies in Pevensey Bay with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant 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. |
| Chelsea Building Society | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a freeholder in Pevensey Bay,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Pevensey Bay valuers.
Following protracted correspondence with the landlord of her studio apartment in Pevensey Bay, Amber started the lease extension process as the 80 year mark was swiftly nearing. The lease extension was finalised in April 2008. The landlord’s fees were kept to an absolute minimum.
Ms G Patel was assigned a lease of a purpose-built flat in Pevensey Bay in November 2010. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparative homes in Pevensey Bay with a long lease were worth £270,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease termination date was in 2101. Taking into account 75 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.
In 2013 we were approached by Mr and Mrs. L Lefèvre who, having acquired a basement flat in Pevensey Bay in March 2007. The question was if we could estimate the premium could be for a ninety year extension to my lease. Identical premises in Pevensey Bay with a long lease were valued about £166,400. The mid-range ground rent payable was £60 billed annually. The lease finished in 2080. Given that there were 54 years remaining we estimated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 not including costs.