The market value of Skegness leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is below than 80 years
Leasehold properties in Skegness with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works |
Lease extensions in Skegness can be a difficult process. We recommend you procure guidance from a lawyer 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 a wealth of experience dealing with Skegness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the landlord of her garden apartment in Skegness, Ellen commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction was concluded in November 2011. The landlord’s costs were restricted to under 500 pounds.
Last April we were called by Mr and Mrs. B Simon , who was assigned a lease of a newly refurbished apartment in Skegness in September 1998. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparable properties in Skegness with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 invoiced yearly. The lease ran out on 2 October 2080. Taking into account 54 years left we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of fees.
Mr and Mrs. S Sánchez completed a basement flat in Skegness in March 1998. The question was if we could approximate the price would be for a 90 year extension to my lease. Comparative premises in Skegness with 100 year plus lease were valued around £227,800. The mid-range ground rent payable was £45 collected yearly. The lease elapsed in 2091. Considering the 65 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of legals.