Why you should commence your Rottingdean lease extension

Main reasons to start your Rottingdean lease extension today:

Increase your lease and increase your Rottingdean property value

For those whose Rottingdean flat is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

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

Leasehold premises in Rottingdean with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions will not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably experience problems where you need to sell your flat in Rottingdean if the unexpired term of your lease is under the criteria set by most lenders. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Rottingdean?

Regardless of whether you are a tenant or a freeholder in Rottingdean,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Rottingdean valuers.

Rottingdean Lease Extension Case Studies:

Hollie, Rottingdean, East Sussex,

In the wake of 9 months of unsuccessful correspondence with the landlord of her garden flat in Rottingdean, Hollie commenced the lease extension process just as her lease was coming close to the critical 80-year deadline. The lease extension was finalised in July 2014. The freeholder’s charges were negotiated to under 450 pounds.

Rottingdean case:

Last month we were approach by Mr and Mrs. I Sánchez , who bought a studio flat in Rottingdean in February 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable residencies in Rottingdean with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded in 2105. Considering the 79 years outstanding we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.

Rottingdean case:

Last year we were approach by Dr M Clark , who bought a one bedroom flat in Rottingdean in November 2010. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Comparative properties in Rottingdean with a long lease were worth £275,000. The mid-range ground rent payable was £65 billed yearly. The lease came to a finish on 26 October 2094. Having 68 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.