West Dean leases on residential deteriorating in value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease dips lower than eighty years - otherwise a higher amount will be payable. Leasehold owners in West Dean will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not qualify. There are also strict deadlines and procedures to follow once the process is initiated so it’s best to be guided by a lawyer during the process.
Leasehold properties in West Dean with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Engaging our service will provide you enhanced control over the value of your West Dean leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy discussions with the freeholder of her two bedroom apartment in West Dean, Chantelle commenced the lease extension process as the 80 year mark was fast approaching. The lease extension was finalised in April 2007. The freeholder’s fees were restricted to below 700 pounds.
In 2009 we were phoned by Mr Leo Roux who, having acquired a ground floor flat in West Dean in April 1996. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar properties in West Dean with a long lease were valued around £285,000. The average amount of ground rent was £55 collected per annum. The lease terminated in 2106. Having 80 years unexpired we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.
Last June we were called by Mr and Mrs. A André , who acquired a recently refurbished flat in West Dean in November 2002. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in West Dean with a long lease were valued around £200,800. The average ground rent payable was £65 billed monthly. The lease lapsed on 22 February 2086. Considering the 60 years unexpired we calculated the premium to the landlord for the lease extension to be between £20,900 and £24,200 plus legals.