When it comes to long leasehold property in Seaford, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably when there are fewer than 80 years left. Anyone in Seaford with a lease nearing 81 years unexpired should seriously consider extending it without delay. Once a lease has fewer than eighty years remaining, under the current Act the landlord can calculate and levy a larger premium, assessed on a technical multiplication, known as “marriage value” which is payable.
Leasehold residencies in Seaford with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in Seaford,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Seaford valuers.
Trailing protracted negotiations with the landlord of her two bedroom apartment in Seaford, Kirsty commenced the lease extension process just as the lease was coming close to the critical eighty-year threshold. The transaction completed in May 2015. The landlord’s fees were negotiated to slightly above 500 pounds.
In 2011 we were e-mailed by Ms F Garcia who, having acquired a one bedroom apartment in Seaford in October 2010. The question was if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Similar residencies in Seaford with a long lease were valued about £198,800. The mid-range ground rent payable was £55 invoiced per annum. The lease expired in 2081. Given that there were 55 years outstanding we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of expenses.
Dr Freddie Jackson acquired a one bedroom apartment in Seaford in July 1996. We are asked if we could approximate the price would be to prolong the lease by an additional years. Comparative homes in Seaford with 100 year plus lease were valued around £300,000. The average ground rent payable was £50 collected yearly. The lease expired on 6 March 2101. Considering the 75 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.