Worthing leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the current lease drops below 80 years - otherwise a higher amount will be payable. Flat owners in Worthing will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Worthing with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Using our service will provide you increased control over the value of your Worthing leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful correspondence with the freeholder of her purpose-built flat in Worthing, Georgina commenced the lease extension process as the 80 year mark was quickly nearing. The lease extension was finalised in August 2015. The landlord’s fees were negotiated to slightly above 550 pounds.
Last Winter we were phoned by Dr Yasmin Morgan , who completed a first floor flat in Worthing in July 2011. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Similar flats in Worthing with a long lease were in the region of £295,000. The mid-range ground rent payable was £45 collected monthly. The lease expired on 17 April 2100. Given that there were 74 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus expenses.
In 2010 we were contacted by Mr and Mrs. A Mercier who, having completed a ground floor apartment in Worthing in May 1997. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Similar flats in Worthing with 100 year plus lease were in the region of £243,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease ended in 2089. Taking into account 63 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including expenses.