There is no doubt about it a leasehold property in Seaton and Hartley is a wasting asset as a result of the diminishing lease term. If the residual term has, over 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years unexpired 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 primary logic behind why you should extend the lease sooner rather than later. The majority of flat owners in Seaton and Hartley will qualify for this right; that being said a conveyancing solicitor will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold premises in Seaton and Hartley with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Seaton and Hartley can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 in-depth market knowledge procuring Seaton and Hartley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jason owned a studio flat in Seaton and Hartley on the market with a lease of fraction over 72 years left. Jason on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Jason to exercise his statutory right. Jason procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the property.
Mr and Mrs. Y Robinson moved into a garden flat in Seaton and Hartley in May 2009. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Similar premises in Seaton and Hartley with 100 year plus lease were worth £254,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish on 9 June 2077. Taking into account 51 years unexpired we calculated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 plus professional charges.
Last Summer we were phoned by Mrs Sophie Martinez , who took over the lease of a garden apartment in Seaton and Hartley in October 2007. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Similar homes in Seaton and Hartley with 100 year plus lease were in the region of £210,600. The mid-range ground rent payable was £45 billed yearly. The lease end date was on 10 February 2088. Given that there were 62 years outstanding we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of expenses.