Seaford leases on domestic deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the existing lease drops under eighty years - otherwise a higher amount will be payable. Leasehold owners in Seaford will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are also strict timetables and formalities to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Seaford with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire 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. |
Lease extensions in Seaford can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Seaford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jude owned a high value apartment in Seaford being marketed with a lease of just over sixty years left. Jude informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jude to invoke his statutory right. Jude obtained expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
In 2011 we were called by Mr and Mrs. D James who, having acquired a basement apartment in Seaford in May 1996. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative properties in Seaford with 100 year plus lease were valued around £300,000. The average ground rent payable was £50 invoiced monthly. The lease ended on 8 February 2101. Having 76 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.
In 2014 we were phoned by Mr K Mercier who, having moved into a basement apartment in Seaford in May 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative properties in Seaford with a long lease were in the region of £257,800. The average ground rent payable was £65 billed annually. The lease ended in 2090. Given that there were 65 years unexpired we estimated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including legals.