Top reasons for Seahouses lease extension

Main reasons to commence your Seahouses lease extension today:

Increase your lease and increase your Seahouses property value

Seahouses leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Seahouses tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Seahouses you really ought to check if your lease has between 70 and ninety years remaining. There are good reasons why a Seahouses leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

Seahouses property with a lease extension has roughly the same value as a freehold

Leasehold properties in Seahouses with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not grant a mortgage on a short lease

Most mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they are not able to get a mortgage, then the financial worth of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Seahouses lease extension solicitors or enfranchisement solicitors

Lease extensions in Seahouses can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 procuring Seahouses lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Seahouses Lease Extension Example Cases:

Jonathan, Seahouses, Northumberland

In recent months Jonathan, came precariously close to the 80-year threshold with the lease on his purpose- built apartment in Seahouses. In buying his property twenty years previously, the lease term was of minimal concern. by good luck, he realised he would imminently be paying way over the odds for a lease extension. Jonathan was able to extend his lease at the eleventh hour last May. Jonathan and the landlord who owned the flat above eventually agreed on sum of £5,000 . If he failed to meet the deadline, the amount would have become more costly by at least £1,075.

Seahouses case:

Last March we were called by Mr and Mrs. W Scott , who purchased a basement apartment in Seahouses in August 1997. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Identical homes in Seahouses with a long lease were valued about £257,800. The average amount of ground rent was £65 invoiced annually. The lease elapsed in 2091. Considering the 65 years remaining we estimated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of expenses.

Seahouses case:

In 2011 we were approached by Dr Catherine Johnson who, having moved into a one bedroom flat in Seahouses in October 2009. The question was if we could estimate the premium would be for a 90 year lease extension. Similar flats in Seahouses with an extended lease were worth £196,400. The average ground rent payable was £55 billed every twelve months. The lease terminated in 2080. Taking into account 54 years left we approximated the premium to the landlord to extend the lease to be between £35,200 and £40,600 exclusive of legals.