Top reasons for Saltdean lease extension

Main reasons to commence your Saltdean lease extension today:

A Saltdean lease depreciates with the years remaining on the lease.

Saltdean leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Saltdean residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Saltdean you really ought to see if your lease has between 70 and ninety years remaining. There are compelling reasons why a Saltdean flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay

Saltdean property with a lease extension has roughly the same value as a freehold

Leasehold premises in Saltdean with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may decide not to finance a property on a short lease

Nearly all mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Saltdean lease extensions?

Engaging our service gives you increased control over the value of your Saltdean leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Saltdean Lease Extension Case Studies:

Jade, Saltdean, East Sussex,

Following protracted discussions with the landlord of her two bedroom apartment in Saltdean, Jade commenced the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The lease extension was concluded in April 2010. The landlord’s charges were kept to an absolute minimum.

Saltdean case:

Last Autumn we were contacted by Mr and Mrs. G Nelson , who purchased a ground floor flat in Saltdean in November 2009. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Similar homes in Saltdean with 100 year plus lease were valued about £275,000. The average ground rent payable was £65 invoiced quarterly. The lease came to a finish on 1 June 2094. Considering the 68 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.

Saltdean case:

Dr Mia Campbell bought a one bedroom flat in Saltdean in March 2002. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Saltdean with an extended lease were worth £208,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease ran out in 2083. Having 57 years outstanding we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of fees.