Why you should start your Seaford lease extension

Main reasons to commence your Seaford lease extension today:

Increase your lease and increase your Seaford property value

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

Seaford property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage on a short lease

Lenders will not lend on short residential leases. You are likely to encounter problems where you need to sell your flat in Seaford if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Seaford?

Engaging our service gives you enhanced control over the value of your Seaford leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Seaford Lease Extension Example Cases:

Gabriel, Seaford, East Sussex

In 2014 Gabriel, started to get close to the 80-year threshold with the lease on his basement apartment in Seaford. In buying his home two decades ago, the unexpired term was of no concern. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Gabriel arranged for a lease extension just ahead of time last July. Gabriel and the landlord eventually settled on a premium of £5,500 . If the lease had slipped below 80 years, the amount would have gone up by at least £1,075.

Seaford case:

In 2010 we were contacted by Mr and Mrs. Y Peterson who, having took over the lease of a one bedroom apartment in Seaford in June 2005. We are asked if we could estimate the premium would be to extend the lease by ninety years. Identical properties in Seaford with an extended lease were in the region of £205,000. The average ground rent payable was £50 invoiced annually. The lease finished on 17 March 2104. Considering the 78 years unexpired we calculated the compensation to the landlord for the lease extension to be within £7,600 and £8,800 exclusive of fees.

Seaford case:

In 2012 we were contacted by Mr and Mrs. E Hall who, having took over the lease of a purpose-built flat in Seaford in June 2003. The dilemma was if we could estimate the price would likely be to prolong the lease by ninety years. Similar homes in Seaford with a long lease were worth £267,600. The average ground rent payable was £65 billed monthly. The lease expired in 2093. Given that there were 67 years remaining we estimated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of legals.