Why you should commence your Polegate lease extension

Why you should start your Polegate lease extension today:

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

The nearer a domestic lease in Polegate gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner as opposed to later. Most flat owners in Polegate will qualify for this right; nevertheless a conveyancer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not finance a property with a short lease

The propensity since 2008 has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Polegate lease extensions?

Engaging our service gives you better control over the value of your Polegate leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish 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 Example Cases:

Ellie, Polegate, East Sussex,

Subsequent to lengthy negotiations with the freeholder of her garden flat in Polegate, Ellie initiated the lease extension process as the eighty year mark was swiftly nearing. The transaction completed in May 2010. The landlord’s charges were restricted to approximately 650 GBP.

Polegate case:

In 2009 we were contacted by Mr and Mrs. O Mason who, having owned a purpose-built apartment in Polegate in July 2003. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Comparative flats in Polegate with 100 year plus lease were valued around £285,000. The average ground rent payable was £55 invoiced per annum. The lease lapsed on 21 October 2105. Given that there were 79 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.

Polegate case:

In 2010 we were called by Dr H Phillips who, having owned a one bedroom apartment in Polegate in March 2012. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Comparable premises in Polegate with a long lease were worth £198,400. The mid-range ground rent payable was £65 billed annually. The lease lapsed on 28 April 2085. Given that there were 59 years left we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 plus legals.