Why you should commence your Rustington lease extension

Main reasons to start your Rustington lease extension today:

A Rustington leasehold property depreciates with the years remaining on the lease.

Rustington residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly 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 property will be equivalent in value to a freehold for many years ahead.

Lenders may not loan monies on a short lease

Many mortgage lenders will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Rustington property becoming difficult to dispose of or remortgage.

What makes us experts in Rustington lease extensions?

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

Rustington Lease Extension Case Studies:

Rosie, Rustington, West Sussex,

Following protracted discussions with the freeholder of her leasehold flat in Rustington, Rosie started the lease extension process as the eighty year threshold was rapidly advancing. The legal work was concluded in January 2007. The landlord’s costs were restricted to a tad over six hundred GBP.

Rustington case:

In 2014 we were e-mailed by Ms V Wright who, having completed a recently refurbished flat in Rustington in August 1995. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable homes in Rustington with an extended lease were in the region of £227,800. The average amount of ground rent was £45 collected annually. The lease came to a finish in 2091. Taking into account 65 years left we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.

Rustington case:

Last Spring we were approach by Mr and Mrs. P Martinez , who purchased a studio flat in Rustington in July 2011. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative premises in Rustington with a long lease were valued about £270,000. The average amount of ground rent was £55 collected per annum. The lease ended in 2102. Considering the 76 years remaining we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.