With a domestic leasehold property in Seaview, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive especially once there are less than eighty years remaining. Anyone in Seaview with a lease nearing 81 years unexpired should seriously think of extending it sooner rather than later. When the lease term has less than eighty years outstanding, under the current statute the landlord can calculate and demand a greater premium, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold premises in Seaview with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Seaview can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 dealing with Seaview lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Austin owned a 2 bedroom apartment in Seaview being sold with a lease of just over sixty years unexpired. Austin on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Austin to exercise his statutory right. Austin procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the flat.
Last May we were phoned by Ms Shannon Stewart , who moved into a newly refurbished flat in Seaview in October 1996. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparable homes in Seaview with an extended lease were in the region of £264,000. The mid-range ground rent payable was £60 invoiced annually. The lease expired on 11 October 2079. Given that there were 53 years unexpired we estimated the premium to the landlord for the lease extension to be within £37,100 and £42,800 plus fees.
In 2014 we were phoned by Dr G Brooks who, having bought a garden flat in Seaview in April 1998. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparative homes in Seaview with an extended lease were valued around £225,400. The average ground rent payable was £45 invoiced quarterly. The lease came to a finish on 7 September 2090. Considering the 64 years left we approximated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 plus expenses.