Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Steyning. Inevitably, the term of lease remaining reduces over time. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Steyning have the right to extend the lease for a further ninety years in accordance with legislation. Do give due consideration before putting off your Steyning lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension
Leasehold properties in Steyning with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
The lawyers that we work with undertake Steyning 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 lawyer we work with provide it.
Last year Andrew, started to get near to the eighty-year mark with the lease on his ground floor flat in Steyning. Having purchased his property 19 years ago, the length of the lease was of minimal concern. Thankfully, he became aware that he would soon be paying way over the odds for a lease extension. Andrew arranged for a lease extension just under the wire in August. Andrew and the freeholder via the managing agents eventually agreed on the final figure of £5,500 . If he failed to meet the deadline, the figure would have increased by at least £900.
Mr and Mrs. V Davies moved into a one bedroom flat in Steyning in June 2010. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparable residencies in Steyning with a long lease were valued about £181,600. The mid-range amount of ground rent was £55 invoiced yearly. The lease ran out on 4 March 2078. Considering the 52 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 plus costs.
Mr S Lefebvre completed a basement flat in Steyning in January 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparative premises in Steyning with a long lease were valued around £285,000. The mid-range amount of ground rent was £45 invoiced annually. The lease came to a finish on 24 June 2098. Given that there were 72 years outstanding we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus costs.