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Main reasons to start your Seaburn lease extension

Main reasons to start your Seaburn lease extension today:

A Seaburn leasehold property depreciates with the years remaining on the lease.

Seaburn residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

Seaburn property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not lend on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Seaburn?

Lease extensions in Seaburn can be a difficult process. We recommend you get professional help from a conveyancer 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 procuring Seaburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Seaburn Lease Extension Case Summaries:

Aiden, Seaburn, Tyne And Wear

Half a year ago Aiden, came very near to the eighty-year mark with the lease on his one bedroom apartment in Seaburn. Having purchased his property two decades ago, the length of the lease was of minimal interest. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Aiden extended the lease just ahead of time last January. Aiden and the landlord in the end agreed on sum of £5,500 . If he failed to meet the deadline, the amount would have gone up by at least £900.

Seaburn case:

Mr and Mrs. K André was assigned a lease of a one bedroom flat in Seaburn in May 2005. The question was if we could approximate the premium could be to extend the lease by a further 90 years. Comparative premises in Seaburn with an extended lease were valued around £295,000. The average amount of ground rent was £45 invoiced monthly. The lease expiry date was on 8 November 2101. Having 75 years remaining we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.

Seaburn case:

In 2012 we were contacted by Ms Chantelle Anderson who, having purchased a studio flat in Seaburn in September 2006. The question was if we could approximate the premium could be for a ninety year extension to my lease. Similar flats in Seaburn with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 collected annually. The lease elapsed in 2090. Given that there were 64 years outstanding we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 plus professional charges.