Rottingdean Lease Extension - Free Consultation

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Why you should start your Rottingdean lease extension


Main reasons to start your Rottingdean lease extension today:

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

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 increase materialy once the unexpired lease term is less than eighty years

Rottingdean property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Lenders are really restricting their approach as regards to properties in Rottingdean with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the number of prospective purchasers.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Rottingdean?

The lawyers that we work with procure Rottingdean lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Rottingdean Lease Extension Case Studies:

Alexandra, Rottingdean, East Sussex,

Off the back of protracted discussions with the landlord of her ground floor flat in Rottingdean, Alexandra initiated the lease extension process just as the lease was coming close to the critical eighty-year deadline. The transaction was finalised in March 2007. The freeholder’s costs were kept to an absolute minimum.

Rottingdean case:

In 2010 we were e-mailed by Dr S Clarke who, having bought a purpose-built apartment in Rottingdean in March 2011. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Comparative flats in Rottingdean with an extended lease were worth £285,000. The average amount of ground rent was £45 billed every twelve months. The lease elapsed in 2096. Considering the 72 years left we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.

Rottingdean case:

Last year we were phoned by Mrs P Moreau , who moved into a studio flat in Rottingdean in July 2001. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Similar flats in Rottingdean with a long lease were worth £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease came to a finish in 2085. Considering the 61 years left we approximated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 not including costs.