St Leonards On Sea leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most St Leonards On Sea tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in St Leonards On Sea you should see if your lease has between seventy and ninety years left. There are compelling reasons why a St Leonards On Sea flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is put in place without delay
It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
The conveyancing solicitors that we work with handle St Leonards On Sea lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Half a year ago Ollie, came dangerously close to the 80-year mark with the lease on his first floor flat in St Leonards On Sea. Having bought his flat two decades ago, the lease term was of no bearing. As luck would have it, he recognised he needed to take action soon on Extending the lease. Ollie arranged for a lease extension at the eleventh hour last September. Ollie and the freeholder via the management company eventually agreed on the final figure of £5,000 . If the lease had descended to less than 80 years, the price would have increased by a minimum £1,050.
Ms W Reed moved into a ground floor apartment in St Leonards On Sea in February 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Similar premises in St Leonards On Sea with 100 year plus lease were in the region of £186,000. The mid-range ground rent payable was £65 billed annually. The lease lapsed on 26 August 2084. Considering the 58 years as a residual term we approximated the premium to the landlord to extend the lease to be within £24,700 and £28,600 exclusive of costs.
Last Christmas we were e-mailed by Mr and Mrs. M Morgan , who was assigned a lease of a newly refurbished apartment in St Leonards On Sea in September 2003. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical properties in St Leonards On Sea with a long lease were valued about £250,000. The mid-range ground rent payable was £50 collected yearly. The lease elapsed on 13 November 2095. Having 69 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.