Top reasons for Seaton Delaval lease extension

Main reasons to start your Seaton Delaval lease extension today:

Increase your lease and increase your Seaton Delaval property value

Chances are that where you own a flat in Seaton Delaval you actually own a long leasehold interest over your property

Seaton Delaval property with a lease extension is almost the same value as a freehold

Leasehold premises in Seaton Delaval with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not grant a mortgage on a short lease

The trend since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Seaton Delaval?

Regardless of whether you are a tenant or a landlord in Seaton Delaval,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Seaton Delaval valuers.

Seaton Delaval Lease Extension Example Cases:

Alexander, Seaton Delaval, Northumberland,

Alexander was the the leasehold owner of a 2 bedroom flat in Seaton Delaval on the market with a lease of just over 59 years outstanding. Alexander on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Seaton Delaval case:

In 2009 we were called by Mr and Mrs. K Khan who, having owned a basement apartment in Seaton Delaval in April 2011. We are asked if we could approximate the price would be for a ninety year lease extension. Identical properties in Seaton Delaval with an extended lease were in the region of £280,000. The average ground rent payable was £45 collected every twelve months. The lease finished on 12 April 2096. Given that there were 70 years remaining we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.

Seaton Delaval case:

Last Autumn we were e-mailed by Dr Megan Anderson , who owned a recently refurbished flat in Seaton Delaval in March 2007. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Seaton Delaval with 100 year plus lease were worth £223,400. The average ground rent payable was £60 collected monthly. The lease came to a finish on 8 May 2085. Having 59 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £27,600 and £31,800 plus fees.