As the the remaining lease term of a Seaview residential lease lessens so does its value and therefore the value of your property. If the lease has, in excess of 100 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Seaview will meet the qualifying criteria; that being said a lawyer can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Seaview with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Retaining our service gives you enhanced control over the value of your Seaview leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted discussions with the freeholder of her garden apartment in Seaview, Holly started the lease extension process as the eighty year mark was fast approaching. The legal work was finalised in November 2008. The freeholder’s costs were negotiated to about 600 GBP.
In 2010 we were approached by Mr and Mrs. M Mitchell who, having took over the lease of a one bedroom flat in Seaview in May 2004. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Identical homes in Seaview with 100 year plus lease were in the region of £183,600. The mid-range ground rent payable was £65 collected every twelve months. The lease expired on 14 April 2083. Having 57 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus fees.
Dr Toby Hill took over the lease of a basement apartment in Seaview in September 2003. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Comparative residencies in Seaview with 100 year plus lease were in the region of £245,000. The average amount of ground rent was £50 invoiced annually. The lease came to a finish on 3 April 2094. Having 68 years outstanding we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.