Seaham leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Seaham will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and formalities to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Seaham with over 100 years left on the lease are often referred to as ‘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 buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| TSB | |
| Virgin |
Lease extensions in Seaham can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.
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 dealing with Seaham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kai was the the leasehold proprietor of a 2 bedroom apartment in Seaham being sold with a lease of just over 72 years unexpired. Kai on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Kai to exercise his statutory right. Kai obtained expert advice and secured satisfactory deal without resorting to tribunal and sell the property.
Mr and Mrs. J Green bought a garden apartment in Seaham in May 2011. The question was if we could approximate the price would be for a ninety year extension to my lease. Comparative premises in Seaham with an extended lease were in the region of £176,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease lapsed on 17 October 2082. Given that there were 56 years left we calculated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including legals.
Mr and Mrs. V Garcia was assigned a lease of a basement apartment in Seaham in March 1999. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Comparative premises in Seaham with 100 year plus lease were valued about £242,600. The mid-range amount of ground rent was £45 collected quarterly. The lease finished in 2093. Given that there were 67 years left we approximated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including expenses.