Buying a Leasehold Flat in Hove – Mortgage Tips on Service Charges, Ground Rent and Short Leases

Flats dominate parts of Hove, from period conversions in Brunswick to purpose-built blocks near Hove Station. Leasehold is normal, but a few details can make or break a mortgage offer.

Lease length – the big one

• Aim for 85 years or more remaining at purchase
• Below 80 years can trigger marriage value on extension and shrink your lender list
• If a lease is short, explore a statutory or informal extension with the seller before exchange

Ground rent and service charges

• Lenders dislike escalating ground rent formulas
• Service charges should be reasonable and clearly budgeted
• Expect to provide the management pack – budgets, accounts and insurance schedule

Works and reserve funds

• Look for healthy sinking funds, especially in seafront blocks where roofs and balconies take the weather
• Section 20 notices for major works can impact affordability – ask early

Valuation and conveyancing tips

• Surveyors compare like-for-like leases. Slightly better lease terms can secure a stronger valuation
• Your solicitor should review alienation clauses, pets, subletting and holiday-let rules carefully

Local angle

• Period conversions in Poets’ Corner are popular, but every lease is different. Read the small print and price accordingly.
• Newer blocks in Aldrington and Portslade often have simpler ground rent terms, which lenders tend to prefer.