Main reasons to commence your Seaton Delaval lease extension

Why you should commence your Seaton Delaval lease extension today:

Increase your lease and increase your Seaton Delaval property value

Seaton Delaval leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Seaton Delaval tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Seaton Delaval you would be well advised to investigate if your lease has between seventy and ninety years left. There are good reasons why a Seaton Delaval flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is put in place without delay

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

Leasehold properties in Seaton Delaval with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Given that plenty of flats in Seaton Delaval were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Seaton Delaval?

The conveyancing solicitors that we work with handle Seaton Delaval 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 conveyancing solicitor we work with provide it.

Seaton Delaval Lease Extension Example Cases:

Rachael, Seaton Delaval, Northumberland,

In the wake of 9 months of protracted correspondence with the landlord of her ground floor flat in Seaton Delaval, Rachael commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The legal work completed in October 2012. The landlord’s costs were negotiated to about 700 pounds.

Seaton Delaval case:

Mr and Mrs. G Simon acquired a recently refurbished apartment in Seaton Delaval in August 2000. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar flats in Seaton Delaval with an extended lease were valued about £174,200. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2077. Considering the 51 years remaining we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus fees.

Seaton Delaval case:

In 2014 we were e-mailed by Dr C Martínez who, having was assigned a lease of a garden flat in Seaton Delaval in April 2005. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Identical flats in Seaton Delaval with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 collected monthly. The lease came to a finish in 2097. Having 71 years outstanding we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.