The only way is down when it comes to Seaview lease terms. Seaview properties that have a remaining term fewer than eighty years will de-escalate in market price even faster, and the cost to extend your lease will increase.
Leasehold properties in Seaview with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you better control over the value of your Seaview leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted negotiations with the freeholder of her basement apartment in Seaview, Morgan commenced the lease extension process as the 80 year mark was swiftly coming. The legal work completed in April 2014. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. Y Nguyen moved into a one bedroom flat in Seaview in April 1996. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Similar properties in Seaview with an extended lease were valued about £285,000. The average amount of ground rent was £55 billed yearly. The lease came to a finish on 7 July 2104. Taking into account 79 years left we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.
Last Spring we were contacted by Mr and Mrs. U Walker , who moved into a recently refurbished flat in Seaview in June 2007. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparative properties in Seaview with an extended lease were worth £193,400. The average ground rent payable was £65 invoiced quarterly. The lease terminated on 24 June 2084. Considering the 59 years remaining we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus professional charges.