Southend On Sea leases on domestic deteriorating in value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Southend On Sea will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In some cases you may not qualify. There are prescribed deadlines and procedures to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| Leeds Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with handle Southend On Sea lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Michael was the the leasehold proprietor of a studio flat in Southend On Sea being sold with a lease of a little over 61 years outstanding. Michael informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Michael to exercise his statutory right. Michael procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.
Mr and Mrs. O Lee owned a garden flat in Southend On Sea in July 1995. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable homes in Southend On Sea with a long lease were in the region of £267,600. The average amount of ground rent was £65 invoiced per annum. The lease terminated in 2093. Taking into account 67 years unexpired we approximated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 not including professional charges.
In 2013 we were phoned by Mr and Mrs. F Richardson who, having bought a ground floor flat in Southend On Sea in January 1997. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Similar homes in Southend On Sea with 100 year plus lease were worth £201,200. The mid-range amount of ground rent was £55 billed per annum. The lease ran out in 2082. Considering the 56 years remaining we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.