With a domestic leasehold property in Seaham, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than 80 years remaining. Anyone in Seaham with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When the lease term has under eighty years left, under the relevant Act the landlord is entitled to calculate and demand a greater amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold premises in Seaham with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Seaham can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in this area.
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 procuring Seaham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the freeholder of her basement apartment in Seaham, Ashleigh commenced the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension completed in March 2011. The freeholder’s charges were restricted to slightly above 450 GBP.
Dr Olivia Cook purchased a newly refurbished apartment in Seaham in March 2010. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Comparable homes in Seaham with an extended lease were in the region of £173,800. The mid-range ground rent payable was £60 billed quarterly. The lease termination date was on 2 October 2079. Having 55 years remaining we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus expenses.
Mr and Mrs. B Brown completed a basement apartment in Seaham in August 1998. The question was if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Seaham with 100 year plus lease were valued about £235,200. The mid-range ground rent payable was £45 invoiced per annum. The lease lapsed on 9 May 2090. Taking into account 66 years outstanding we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including professional charges.