The value of Rottingdean leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than 80 years
Leasehold residencies in Rottingdean with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Rottingdean can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Rottingdean lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harry owned a studio flat in Rottingdean on the market with a lease of just over fifty eight years remaining. Harry informally spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Harry to invoke his statutory right. Harry procured expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.
Mr and Mrs. I Jones bought a first floor apartment in Rottingdean in April 2003. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Similar premises in Rottingdean with a long lease were in the region of £181,600. The mid-range amount of ground rent was £55 billed per annum. The lease ran out in 2078. Having 52 years left we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 plus legals.
In 2010 we were phoned by Mr and Mrs. T Evans who, having moved into a first floor flat in Rottingdean in June 1998. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Similar homes in Rottingdean with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 collected yearly. The lease elapsed in 2098. Considering the 72 years left we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of expenses.