Main reasons to start your Seascale and Sellafield lease extension

Main reasons to start your Seascale and Sellafield lease extension today:

Increase your lease and increase your Seascale and Sellafield property value

When it comes to long leasehold property in Seascale and Sellafield, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than eighty years left. Anyone in Seascale and Sellafield with a lease drawing near to 81 years left should seriously think of extending it as soon as possible. When a lease has under eighty years left, under the current Act the landlord can calculate and charge a larger premium, based on a technical computation, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not finance a property on a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so if they can't secure a mortgage, then the market price of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Get in touch with one of our Seascale and Sellafield lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Seascale and Sellafield lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Seascale and Sellafield Lease Extension Case Studies:

Erin, Seascale and Sellafield, Cumbria,

Trailing lengthy discussions with the freeholder of her ground floor apartment in Seascale and Sellafield, Erin started the lease extension process just as the lease was coming close to the crucial 80-year mark. The transaction was finalised in June 2009. The freeholder’s charges were restricted to less than 450 pounds.

Seascale and Sellafield case:

Last Autumn we were phoned by Mr Caleb Leroy , who acquired a one bedroom apartment in Seascale and Sellafield in May 2001. The question was if we could estimate the price would likely be to prolong the lease by ninety years. Comparative homes in Seascale and Sellafield with a long lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease elapsed in 2105. Considering the 79 years left we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Seascale and Sellafield case:

In 2014 we were contacted by Dr C Brown who, having acquired a studio apartment in Seascale and Sellafield in June 2009. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Similar flats in Seascale and Sellafield with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease came to a finish on 25 March 2094. Taking into account 68 years outstanding we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus fees.