Pevensey leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Pevensey will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not be entitled. There are also strict timetables and steps to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| National Westminster Bank | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Pevensey,the lease extension experts that we work with will always be willing 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 valuers.
Matthew was the the leasehold owner of a high value apartment in Pevensey being sold with a lease of just over 61 years unexpired. Matthew on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Matthew to exercise his statutory right. Matthew obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
In 2012 we were e-mailed by Mr and Mrs. T Khan who, having moved into a ground floor apartment in Pevensey in May 2010. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Comparative properties in Pevensey with an extended lease were valued around £261,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease expired in 2078. Considering the 52 years left we approximated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 plus professional charges.
Last month we were approach by Mr Jason Michel , who bought a garden flat in Pevensey in June 2010. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Identical homes in Pevensey with a long lease were in the region of £218,000. The mid-range ground rent payable was £45 collected annually. The lease finished in 2089. Given that there were 63 years left we estimated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 plus professional charges.