Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Seaforth. Inevitably, the length of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Seaforth have the legal entitlement to extend the lease for a further ninety years under statute. Please give careful attention before delaying your Seaforth lease extension. Holding off that expense now only increases the price you will eventually incur for a lease extension
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Coventry Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Seaforth can be a difficult process. We recommend you procure professional help from a lawyer 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 in-depth market knowledge dealing with Seaforth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted correspondence with the landlord of her basement apartment in Seaforth, Amber commenced the lease extension process as the 80 year deadline was quickly coming. The transaction completed in September 2007. The freeholder’s charges were kept to an absolute minimum.
In 2011 we were phoned by Dr Kayleigh Scott who, having completed a purpose-built flat in Seaforth in March 2012. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparable properties in Seaforth with a long lease were worth £280,000. The average amount of ground rent was £45 collected every twelve months. The lease terminated on 23 March 2096. Taking into account 70 years as a residual term we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus costs.
In 2012 we were called by Ms Yasmin Fournier who, having bought a purpose-built flat in Seaforth in January 1997. We are asked if we could approximate the price could be for a 90 year extension to my lease. Similar homes in Seaforth with 100 year plus lease were in the region of £223,400. The mid-range ground rent payable was £60 invoiced monthly. The lease end date was on 21 January 2085. Considering the 59 years outstanding we calculated the premium to the landlord to extend the lease to be within £27,600 and £31,800 plus professional charges.