Saltdean leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Saltdean will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not be entitled. There are also strict timetables and steps to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
Retaining our service will provide you better control over the value of your Saltdean leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful negotiations with the freeholder of her two bedroom flat in Saltdean, Sarah commenced the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The legal work was concluded in November 2010. The landlord’s fees were negotiated to less than 500 GBP.
Last Christmas we were phoned by Ms Kayleigh Wright , who moved into a first floor flat in Saltdean in June 2010. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Saltdean with a long lease were in the region of £240,600. The mid-range ground rent payable was £60 billed quarterly. The lease terminated in 2087. Considering the 62 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 not including legals.
In 2012 we were phoned by Mr and Mrs. W Young who, having bought a purpose-built apartment in Saltdean in August 2002. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparable residencies in Saltdean with an extended lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease came to a finish on 24 October 2076. Considering the 51 years as a residual term we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus legals.