The only way is down when it comes to Rustington lease terms. Rustington leaseholds that have a residual term less than than 80 years will reduce in value even faster, and the cost to extend your lease will go up.
Leasehold premises in Rustington with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Rustington can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.
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 dealing with Rustington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Joshua, came perilously near to the eighty-year mark with the lease on his ground floor apartment in Rustington. In buying his flat twenty years ago, the lease term was of little concern. Luckily, he became aware that he needed to take steps soon on a lease extension. Joshua arranged for a lease extension just under the wire last March. Joshua and the landlord subsequently settled on a premium of £6,000 . If the lease had fallen below 80 years, the figure would have gone up by a minimum £875.
In 2010 we were phoned by Mr F Hall who, having completed a one bedroom flat in Rustington in September 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Identical properties in Rustington with an extended lease were in the region of £250,000. The average ground rent payable was £50 billed annually. The lease finished in 2096. Taking into account 70 years remaining we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.
Last Summer we were e-mailed by Mr and Mrs. U Young , who owned a one bedroom apartment in Rustington in October 2004. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparative residencies in Rustington with 100 year plus lease were in the region of £246,800. The average ground rent payable was £60 invoiced annually. The lease lapsed on 11 September 2076. Having 50 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 not including fees.