The re-sale value of a leasehold property in Saltdean depends on how long the lease has remaining. If it is near to or fewer than 80 years you should anticipate difficulties on re-sale, so it is recommended to arrange for the lease to be extended ahead of purchasing. It is preferable to start the process of extending the lease is when a lease still has 82 years remaining so that formalities can be concluded prior to the 80 year mark. Statute entitles Saltdean qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Saltdean can be a difficult process. We recommend you procure professional help 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 Saltdean lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Jack, started to get near to the 80-year mark with the lease on his purpose- built apartment in Saltdean. Having bought his flat 19 years previously, the length of the lease was of little bearing. As luck would have it, he realised he would imminently be paying an inflated amount for Extending the lease. Jack arranged for a lease extension just under the wire last April. Jack and the landlord ultimately settled on the final figure of £5,000 . If the lease had gone below eighty years, the sum would have increased by a minimum £925.
Last Christmas we were phoned by Mr and Mrs. T Martinez , who completed a purpose-built apartment in Saltdean in May 2001. The dilemma was if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative residencies in Saltdean with 100 year plus lease were in the region of £225,800. The average ground rent payable was £60 billed yearly. The lease ended on 2 July 2086. Having 60 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 plus fees.
In 2009 we were called by Mrs F Lefèvre who, having was assigned a lease of a one bedroom apartment in Saltdean in October 2009. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Comparable premises in Saltdean with an extended lease were in the region of £210,000. The average amount of ground rent was £50 billed per annum. The lease ended in 2106. Taking into account 80 years remaining we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of costs.