Sea Mills leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Sea Mills enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Sea Mills you must see if your lease has between seventy and ninety years remaining. There are good reasons why a Sea Mills leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is actioned without delay
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| 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. |
| Chelsea 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service will provide you better control over the value of your Sea Mills leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Matthew was the the leasehold proprietor of a studio apartment in Sea Mills on the market with a lease of fraction over 72 years remaining. Matthew on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be payable on a lease extension were Matthew to exercise his statutory right. Matthew procured expert advice and secured satisfactory resolution without going to tribunal and readily saleable.
Mr and Mrs. W Miller acquired a first floor apartment in Sea Mills in June 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Similar residencies in Sea Mills with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease termination date was in 2100. Having 74 years outstanding we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus costs.
Last Winter we were e-mailed by Mr and Mrs. S Bernard , who was assigned a lease of a first floor flat in Sea Mills in October 2000. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparable residencies in Sea Mills with an extended lease were valued about £243,000. The average ground rent payable was £65 collected annually. The lease expired on 3 April 2089. Having 63 years remaining we calculated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 plus expenses.