Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in St Leonards On Sea. Inevitably, the length of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in St Leonards On Sea have the right to extend the lease for a further 90 years in accordance with statute. Please give careful deliberation before putting off your St Leonards On Sea lease extension. Holding off that expense now likely increases the price you will eventually have to pay to extend your lease
Leasehold premises in St Leonards On Sea with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in St Leonards On Sea can be a difficult process. We recommend you get guidance from a lawyer and valuer 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 St Leonards On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Reuben owned a studio apartment in St Leonards On Sea being marketed with a lease of a few days over 72 years unexpired. Reuben on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Reuben to exercise his statutory right. Reuben obtained expert advice and was able to make an informed judgement and handle with the matter and readily saleable.
In 2012 we were phoned by Dr K Simon who, having moved into a recently refurbished flat in St Leonards On Sea in March 2005. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative homes in St Leonards On Sea with a long lease were valued around £203,200. The average amount of ground rent was £65 invoiced quarterly. The lease ended on 6 March 2087. Considering the 61 years outstanding we estimated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of fees.
In 2011 we were phoned by Mr and Mrs. E White who, having completed a one bedroom apartment in St Leonards On Sea in April 2002. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Comparative homes in St Leonards On Sea with an extended lease were valued around £260,000. The average amount of ground rent was £50 invoiced per annum. The lease end date was in 2098. Having 72 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.