Top reasons for Seascale lease extension

Top reasons for lease extension now:

Increase your lease and increase your Seascale property value

As the the remaining lease term of a Seascale residential lease lessens so does its value and therefore the value of your property. If the residual term has, over one hundred years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease sooner as opposed to later. The majority of flat owners in Seascale will qualify for this right; that being said a conveyancer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend on a short lease

Mortgage lenders have specific criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once the remaining lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Seascale property.

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

Irrespective of whether you are a tenant or a landlord in Seascale,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Seascale valuers.

Seascale Lease Extension Example Cases:

Lydia, Seascale, Cumbria,

Trailing unsuccessful negotiations with the landlord of her garden flat in Seascale, Lydia initiated the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The lease extension was concluded in August 2005. The landlord’s costs were restricted to approximately 700 pounds.

Seascale case:

Last Christmas we were contacted by Mr Aiden Flores , who purchased a one bedroom flat in Seascale in February 2005. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Identical properties in Seascale with 100 year plus lease were in the region of £235,200. The mid-range ground rent payable was £45 collected annually. The lease came to a finish in 2092. Having 66 years remaining we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus fees.

Seascale case:

Last Spring we were contacted by Mr Harrison Clark , who took over the lease of a garden flat in Seascale in September 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical premises in Seascale with an extended lease were worth £280,000. The average ground rent payable was £55 collected yearly. The lease ran out in 2103. Having 77 years outstanding we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.