The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Pevensey have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Do give careful consideration before delaying your Pevensey lease extension. Shelving that expense today simply increases the amount you will eventually have to pay for a lease extension.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Pevensey can be a difficult process. We recommend you procure professional help from a conveyancer 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 dealing with Pevensey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the freeholder of her purpose-built flat in Pevensey, Alice started the lease extension process as the 80 year mark was rapidly approaching. The lease extension was finalised in August 2006. The landlord’s fees were kept to an absolute minimum.
In 2012 we were phoned by Ms Poppy Vincent who, having owned a one bedroom flat in Pevensey in September 2010. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable flats in Pevensey with 100 year plus lease were valued about £176,200. The average ground rent payable was £65 collected every twelve months. The lease terminated in 2082. Considering the 56 years outstanding we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 plus fees.
Last Spring we were contacted by Dr Harry Brown , who completed a studio flat in Pevensey in August 1997. We are asked if we could approximate the price could be to prolong the lease by ninety years. Identical premises in Pevensey with 100 year plus lease were in the region of £242,600. The average amount of ground rent was £45 billed monthly. The lease finished in 2093. Considering the 67 years remaining we estimated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including fees.