Seascale leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Seascale residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Seascale you really ought to see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
It is generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Seascale can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 a wealth of experience procuring Seascale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the landlord of her ground floor apartment in Seascale, Sophia started the lease extension process as the 80 year mark was swiftly coming. The transaction was finalised in November 2009. The freeholder’s costs were restricted to approximately 500 GBP.
Mr and Mrs. V David moved into a purpose-built apartment in Seascale in October 2010. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparable residencies in Seascale with an extended lease were in the region of £270,000. The average ground rent payable was £55 invoiced monthly. The lease ended on 9 August 2100. Taking into account 74 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.
Last Christmas we were phoned by Mr and Mrs. D Mason , who was assigned a lease of a studio apartment in Seascale in February 1995. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Comparable flats in Seascale with a long lease were worth £166,400. The average amount of ground rent was £60 invoiced yearly. The lease ran out on 26 February 2080. Given that there were 54 years remaining we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of legals.