Main reasons to commence your Steyning lease extension

Top reasons for lease extension now:

Increase your lease and increase your Steyning property value

The market value of Steyning leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is below than 80 years

Steyning property with a lease extension is almost the same value as a freehold

Leasehold premises in Steyning with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may not finance a property with a short lease

Mortgage lenders have specific criteria when lending funds charged on leasehold property. Many will simply refrain from lending at all once the remaining lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Steyning home.

Why use us for your lease extension in Steyning?

Irrespective of whether you are a tenant or a landlord in Steyning,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Steyning valuers.

Steyning Lease Extension Example Cases:

Ali, Steyning, West Sussex,

Ali owned a studio apartment in Steyning on the market with a lease of a few days over sixty years left. Ali informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Ali to invoke his statutory right. Ali obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Steyning case:

Last August we were called by Dr O King , who bought a basement apartment in Steyning in March 1996. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparative properties in Steyning with a long lease were in the region of £280,000. The average ground rent payable was £45 billed yearly. The lease came to a finish on 17 May 2097. Considering the 71 years remaining we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus legals.

Steyning case:

Dr C Mason acquired a ground floor apartment in Steyning in September 1998. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative properties in Steyning with a long lease were valued about £225,800. The average amount of ground rent was £60 invoiced quarterly. The lease lapsed in 2086. Having 60 years remaining we estimated the compensation to the freeholder for the lease extension to be within £25,700 and £29,600 plus legals.