Why you should start your Seaforth lease extension

Why you should start your Seaforth lease extension today:

Increase your lease and increase your Seaforth property value

The re-sale value of a leasehold property in Seaforth depends on how long the lease has left to run. If it is near to or fewer than 80 years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension before purchasing. Ideally one should start the lease extension process when a lease still has 82 years to run so that all matters can be concluded ahead of the 80 year threshold. Statute enables Seaforth qualifying lessees to an additional term of 90 years over and above the existing term, at a peppercorn rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold residencies in Seaforth with over 100 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As many flats in Seaforth were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Seaforth?

Regardless of whether you are a tenant or a landlord in Seaforth,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Seaforth valuers.

Seaforth Lease Extension Case Studies:

Caitlin, Seaforth, Merseyside,

Trailing protracted correspondence with the landlord of her ground floor flat in Seaforth, Caitlin started the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension was finalised in September 2015. The landlord’s costs were negotiated to below 600 pounds.

Seaforth case:

Last year we were e-mailed by Dr F Flores , who took over the lease of a one bedroom apartment in Seaforth in May 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Seaforth with 100 year plus lease were valued about £174,200. The mid-range ground rent payable was £55 billed per annum. The lease elapsed on 27 September 2077. Considering the 51 years as a residual term we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus expenses.

Seaforth case:

In 2013 we were approached by Mr and Mrs. F Bailey who, having took over the lease of a studio apartment in Seaforth in February 1995. The question was if we could approximate the price would be for a 90 year lease extension. Comparable flats in Seaforth with an extended lease were in the region of £285,000. The average amount of ground rent was £45 collected monthly. The lease finished in 2097. Taking into account 71 years left we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.