As the length of the unexpired term of a Worthing residential lease decreases so does its value and therefore the value of your property. If the residual term has, beyond 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Most flat owners in Worthing will qualify for this right; nevertheless a conveyancing solicitor will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold properties in Worthing with in excess of one hundred years remaining 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 situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Santander |
Lease extensions in Worthing can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in this area.
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 in-depth market knowledge dealing with Worthing lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Jamie, started to get close to the eighty-year threshold with the lease on his basement flat in Worthing. Having bought his flat two decades ago, the length of the lease was of little significance. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Jamie arranged for a lease extension just under the wire last March. Jamie and the freeholder ultimately settled on an amount of £5,000 . If the lease had slipped below eighty years, the price would have increased by a minimum £950.
Last Summer we were phoned by Mr and Mrs. A King , who owned a one bedroom flat in Worthing in March 2001. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparative homes in Worthing with an extended lease were valued about £198,800. The average ground rent payable was £55 billed quarterly. The lease expired in 2081. Taking into account 55 years outstanding we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of expenses.
Last Spring we were contacted by Dr Alice Roberts , who was assigned a lease of a ground floor apartment in Worthing in October 1995. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Identical properties in Worthing with 100 year plus lease were valued around £295,000. The mid-range ground rent payable was £45 invoiced annually. The lease termination date was in 2101. Considering the 75 years outstanding we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.