Why you should commence your Rye lease extension

Main reasons to commence your Rye lease extension today:

Increase your lease and increase your Rye property value

Rye residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years left once the mortgage has expired. As a number of flats in Rye were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Rye lease extension solicitors or enfranchisement solicitors

Lease extensions in Rye can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.

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 procuring Rye lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rye Lease Extension Example Cases:

Victoria, Rye, East Sussex,

Subsequent to unsuccessful discussions with the landlord of her one bedroom apartment in Rye, Victoria initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The transaction completed in April 2010. The landlord’s fees were kept to an absolute minimum.

Rye case:

Last Summer we were contacted by Ms G Thompson , who acquired a newly refurbished apartment in Rye in July 1999. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparative premises in Rye with an extended lease were worth £189,000. The average amount of ground rent was £55 collected yearly. The lease concluded in 2079. Given that there were 53 years unexpired we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 plus professional charges.

Rye case:

Mr and Mrs. O Clark completed a purpose-built flat in Rye in August 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Rye with a long lease were valued around £290,000. The average amount of ground rent was £45 billed monthly. The lease ran out in 2099. Considering the 73 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.