Sea Mills leases on domestic deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Sea Mills will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Sea Mills with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Santander | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service will provide you increased control over the value of your Sea Mills leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Omar was the the leasehold owner of a conversion apartment in Sea Mills being marketed with a lease of just over sixty years left. Omar on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Omar to exercise his statutory right. Omar procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.
Mrs H Wilson took over the lease of a purpose-built apartment in Sea Mills in August 1998. The dilemma was if we could approximate the premium could be to extend the lease by an additional years. Comparable premises in Sea Mills with an extended lease were valued about £285,000. The average amount of ground rent was £45 billed every twelve months. The lease lapsed on 13 September 2097. Given that there were 71 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.
Last year we were phoned by Dr Milo James , who took over the lease of a basement flat in Sea Mills in October 2001. The question was if we could approximate the premium would likely be to extend the lease by a further 90 years. Similar premises in Sea Mills with a long lease were valued around £225,800. The mid-range ground rent payable was £60 collected per annum. The lease expired on 14 May 2086. Taking into account 60 years as a residual term we estimated the premium to the landlord to extend the lease to be between £23,800 and £27,400 plus professional charges.