The nearer a domestic lease in Seascale and Sellafield gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, beyond 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner than later. The majority of flat owners in Seascale and Sellafield will meet the qualifying criteria; nevertheless a lawyer can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service gives you increased control over the value of your Seascale and Sellafield leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy correspondence with the freeholder of her leasehold flat in Seascale and Sellafield, Erin initiated the lease extension process as the eighty year threshold was quickly approaching. The lease extension was concluded in September 2011. The landlord’s charges were kept to an absolute minimum.
In 2013 we were approached by Dr C Lambert who, having bought a newly refurbished apartment in Seascale and Sellafield in July 2007. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical homes in Seascale and Sellafield with a long lease were in the region of £295,000. The mid-range ground rent payable was £45 billed per annum. The lease elapsed in 2100. Considering the 74 years remaining we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.
Mr and Mrs. G González moved into a recently refurbished flat in Seascale and Sellafield in September 1997. The dilemma was if we could estimate the price would likely be to extend the lease by ninety years. Comparative residencies in Seascale and Sellafield with 100 year plus lease were valued around £248,000. The mid-range ground rent payable was £65 invoiced yearly. The lease came to a finish in 2089. Considering the 63 years unexpired we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus legals.