Why you should commence your Polegate lease extension

Top reasons for lease extension now:

A Polegate lease depreciates with the years remaining on the lease.

Polegate residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you need to sell your flat in Polegate if the unexpired lease term is below the criteria set by the majority of mortgage companies. Different lenders have varying requirements but on the whole theyrequire an unexpired term of at least 65 years.

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

Retaining our service will provide you enhanced control over the value of your Polegate leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Polegate Lease Extension Case Summaries:

Sophie, Polegate, East Sussex,

After unsuccessful correspondence with the landlord of her one bedroom apartment in Polegate, Sophie started the lease extension process as the 80 year mark was quickly advancing. The transaction completed in September 2015. The freeholder’s costs were negotiated to a tad over 500 GBP.

Polegate case:

In 2013 we were phoned by Mr Teddy Fournier who, having purchased a basement flat in Polegate in August 2011. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Identical homes in Polegate with an extended lease were valued around £260,000. The average ground rent payable was £50 invoiced every twelve months. The lease ran out on 22 October 2098. Having 72 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.

Polegate case:

Last year we were e-mailed by Dr C Clark , who owned a purpose-built apartment in Polegate in July 2008. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Identical premises in Polegate with a long lease were valued about £261,600. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish on 25 April 2078. Considering the 52 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £39,000 and £45,000 exclusive of fees.