Seascale and Sellafield leases on domestic deteriorating in value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Seascale and Sellafield will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not qualify. There are also strict timetables and formalities to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank |
Lease extensions in Seascale and Sellafield can be a difficult process. We recommend you obtain guidance 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 in-depth market knowledge dealing with Seascale and Sellafield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Finley was the the leasehold owner of a conversion flat in Seascale and Sellafield being sold with a lease of fraction over sixty years outstanding. Finley on an informal basis spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Finley to invoke his statutory right. Finley obtained expert advice and secured satisfactory resolution informally and sell the property.
Last Summer we were e-mailed by Ms M Turner , who purchased a ground floor flat in Seascale and Sellafield in January 1999. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar homes in Seascale and Sellafield with an extended lease were worth £225,800. The average ground rent payable was £60 invoiced monthly. The lease came to a finish in 2086. Considering the 60 years left we approximated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 plus professional charges.
In 2010 we were phoned by Mrs Natalie Evans who, having acquired a one bedroom flat in Seascale and Sellafield in October 2007. The dilemma was if we could estimate the price could be to extend the lease by 90 years. Comparative flats in Seascale and Sellafield with a long lease were worth £210,000. The average ground rent payable was £50 collected per annum. The lease elapsed in 2106. Taking into account 80 years remaining we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.