The only way is down when it comes to Seaton Sluice lease terms. Seaton Sluice properties that have a residual term shorter than eighty years will reduce in value even faster, and the cost to extend your lease will increase.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
The lawyers that we work with handle Seaton Sluice 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.
Cameron was the the leasehold proprietor of a studio apartment in Seaton Sluice being sold with a lease of just over 72 years outstanding. Cameron informally approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Cameron to invoke his statutory right. Cameron obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last year we were phoned by Ms Hannah Scott , who acquired a garden apartment in Seaton Sluice in November 1999. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Similar properties in Seaton Sluice with a long lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease expired on 18 February 2096. Taking into account 70 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £10,500 and £12,000 exclusive of expenses.
Mr and Mrs. D Campbell purchased a one bedroom flat in Seaton Sluice in March 1996. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable premises in Seaton Sluice with 100 year plus lease were in the region of £246,800. The average amount of ground rent was £60 invoiced annually. The lease termination date was on 17 April 2076. Having 50 years unexpired we calculated the premium to the landlord for the lease extension to be between £44,700 and £51,600 not including costs.