Top reasons for Skegness lease extension

Why you should commence your Skegness lease extension today:

A Skegness lease depreciates with the years remaining on the lease.

When it comes to residential leasehold property in Skegness, you effectively rent it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than 80 years left. Residents in Skegness with a lease drawing near to 81 years remaining should seriously think of extending it sooner than later. When the lease term has fewer than 80 years left, under the current legislation the freeholder can calculate and demand a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not loan monies on a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Skegness were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Skegness?

Regardless of whether you are a tenant or a landlord in Skegness,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 experience and the close ties they enjoy with Skegness valuers.

Skegness Lease Extension Example Cases:

Mollie, Skegness, Lincolnshire,

Trailing unsuccessful negotiations with the freeholder of her one bedroom apartment in Skegness, Mollie started the lease extension process just as her lease was approaching the all-important 80-year mark. The lease extension completed in September 2008. The freeholder’s costs were negotiated to less than 600 GBP.

Skegness case:

Last Christmas we were contacted by Dr D Bertrand , who took over the lease of a first floor apartment in Skegness in February 2005. The question was if we could estimate the premium would likely be to extend the lease by ninety years. Similar residencies in Skegness with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease terminated on 9 January 2103. Given that there were 77 years remaining we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.

Skegness case:

In 2010 we were e-mailed by Dr Victoria Stewart who, having moved into a first floor flat in Skegness in October 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative premises in Skegness with 100 year plus lease were valued about £181,200. The mid-range ground rent payable was £65 collected quarterly. The lease ended in 2082. Taking into account 56 years outstanding we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 plus professional charges.