Polegate Lease Extension - Free Consultation

Before you progress with your lease extension in Polegate
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Main reasons to commence your Polegate lease extension


Top reasons for lease extension now:

Increase your lease and increase your Polegate property value

It’s an underpublicised truth that a Polegate residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Polegate property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher premium will be due. The majority of flat owners in Polegate will be able to extend under the legislation; however a lawyer should be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.

Polegate property with a lease extension 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 roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to experience difficulties if you wish to sell your flat in Polegate if the unexpired term of your lease is less than the criteria set by the majority of lenders. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least 65 years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

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

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

Polegate Lease Extension Case Studies:

Henry, Polegate, East Sussex

Two years ago Henry, came precariously close to the 80-year threshold with the lease on his studio apartment in Polegate. In buying his home 18 years previously, the length of the lease was of little significance. Thankfully, it dawned on him that he would soon be paying way over the odds for a lease extension. Henry was able to extend his lease just under the wire last March. Henry and the freeholder via the management company in the end agreed on sum of £5,500 . If the lease had slid lower than 80 years, the sum would have escalated by at least £1,150.

Polegate case:

In 2011 we were approached by Dr K Mason who, having purchased a first floor apartment in Polegate in April 2003. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Identical properties in Polegate with 100 year plus lease were in the region of £256,600. The average ground rent payable was £60 billed every twelve months. The lease ended on 6 April 2077. Taking into account 52 years outstanding we calculated the premium to the landlord for the lease extension to be between £41,800 and £48,400 exclusive of professional charges.

Polegate case:

Last Spring we were approach by Mr and Mrs. J Green , who acquired a one bedroom flat in Polegate in January 1996. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparable flats in Polegate with a long lease were worth £218,000. The average ground rent payable was £45 billed yearly. The lease concluded on 5 November 2088. Taking into account 63 years left we calculated the premium to the landlord for the lease extension to be within £17,100 and £19,800 plus expenses.