The re-sale value of a leasehold property in Sea Mills depends on how long the lease has left to run. If it is near to or less than 80 years you should envisage problems on re-sale, so it is advisable to arrange for a lease extension before purchasing. It is preferable to start the lease extension process when a lease still has 82 years to run so that all matters can be addressed well before the 80 year mark. Current legislation entitles Sea Mills qualifying lessees to acquire a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Sea Mills can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 Sea Mills lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Harrison, came dangerously near to the eighty-year mark with the lease on his first floor apartment in Sea Mills. Having bought his flat two decades ago, the length of the lease was of little significance. Fortunately, it dawned on him that he would soon be paying an inflated amount for a lease extension. Harrison extended the lease at the eleventh hour in April. Harrison and the landlord ultimately agreed on an amount of £5,000 . If the lease had slid to less than 80 years, the figure would have gone up by at least £950.
Mr and Mrs. F Reed moved into a purpose-built flat in Sea Mills in August 1995. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Similar premises in Sea Mills with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected per annum. The lease expired on 15 April 2093. Considering the 67 years left we calculated the premium to the landlord for the lease extension to be within £14,300 and £16,400 not including professional charges.
Last Spring we were contacted by Mr and Mrs. V Michel , who owned a studio flat in Sea Mills in August 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Sea Mills with an extended lease were in the region of £206,200. The mid-range ground rent payable was £55 billed yearly. The lease came to a finish in 2082. Considering the 56 years as a residual term we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including fees.