The value of Frinton On Sea leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years
Leasehold properties in Frinton On Sea with in excess of one hundred years left 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank |
Lease extensions in Frinton On Sea can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 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.
Aarav was the the leasehold owner of a studio apartment in Frinton On Sea on the market with a lease of a little over sixty years outstanding. Aarav on an informal basis contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 annually. No ground rent would be due on a lease extension were Aarav to invoke his statutory right. Aarav obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2014 we were called by Mr and Mrs. P Patel who, having acquired a garden flat in Frinton On Sea in September 2004. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical properties in Frinton On Sea with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 collected quarterly. The lease came to a finish in 2093. Having 67 years outstanding we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 plus costs.
In 2010 we were e-mailed by Dr Arthur Wilson who, having bought a recently refurbished flat in Frinton On Sea in August 1999. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar properties in Frinton On Sea with 100 year plus lease were in the region of £206,200. The mid-range ground rent payable was £60 billed yearly. The lease concluded in 2082. Given that there were 56 years unexpired we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including expenses.