Top reasons for Rottingdean lease extension

Why you should start your Rottingdean lease extension today:

Increase your lease and increase your Rottingdean property value

Rottingdean leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Rottingdean will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In some cases you may not qualify. There are also strict timetables and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.

Rottingdean property with a lease extension has roughly the same value as a freehold

Leasehold premises in Rottingdean with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will be problematic as and when you come to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may have no immediate desire to sell but when you do your purchaser must hold off for 2 years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Rottingdean?

Irrespective of whether you are a tenant or a landlord in Rottingdean,the lease extension solicitors that we work with will always be willing 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 Example Cases:

Jodie, Rottingdean, East Sussex,

After unsuccessful discussions with the freeholder of her first floor flat in Rottingdean, Jodie commenced the lease extension process as the 80 year threshold was fast nearing. The legal work completed in February 2006. The landlord’s fees were kept to an absolute minimum.

Rottingdean case:

Last month we were called by Mrs Abbie Morel , who acquired a garden apartment in Rottingdean in February 2006. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable properties in Rottingdean with 100 year plus lease were worth £206,200. The average ground rent payable was £55 collected per annum. The lease elapsed on 20 April 2082. Considering the 56 years outstanding we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 plus professional charges.

Rottingdean case:

In 2010 we were e-mailed by Dr P Lefèvre who, having moved into a basement flat in Rottingdean in September 2003. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical flats in Rottingdean with an extended lease were valued about £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease finished on 4 October 2102. Having 76 years unexpired we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.