Frinton On Sea leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Frinton On Sea enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Frinton On Sea you really ought to see if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Frinton On Sea can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience dealing with Frinton On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joshua was the the leasehold proprietor of a high value apartment in Frinton On Sea on the market with a lease of a few days over fifty eight years outstanding. Joshua informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Joshua to invoke his statutory right. Joshua obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Last Winter we were phoned by Mr and Mrs. Y Hernández , who owned a basement flat in Frinton On Sea in August 2005. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Similar premises in Frinton On Sea with a long lease were in the region of £290,000. The average ground rent payable was £45 billed per annum. The lease elapsed in 2097. Given that there were 72 years remaining we approximated the premium to the landlord to extend the lease to be within £11,400 and £13,200 not including professional charges.
In 2014 we were phoned by Mrs Isabelle Thomas who, having purchased a one bedroom flat in Frinton On Sea in July 2008. We are asked if we could approximate the premium could be to extend the lease by an additional years. Comparative residencies in Frinton On Sea with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced yearly. The lease came to a finish on 21 July 2086. Considering the 61 years outstanding we calculated the premium to the landlord to extend the lease to be between £22,800 and £26,400 exclusive of fees.