As the the remaining lease term of a St Leonards On Sea residential lease lessens so does its value and therefore the value of your property. If the residual term has, over 99 years remaining then this decrease may be fractional however there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. Most flat owners in St Leonards On Sea will meet the qualifying criteria; that being said a conveyancer should be able to advise if you qualify 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.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Santander | |
| Skipton Building Society | |
| Virgin |
The conveyancing solicitors that we work with undertake St Leonards 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 lawyer we work with provide it.
Edward owned a conversion flat in St Leonards On Sea being marketed with a lease of a little over 59 years remaining. Edward on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Edward to invoke his statutory right. Edward obtained expert legal guidance and secured satisfactory resolution informally and sell the flat.
Mr and Mrs. M Lefebvre moved into a one bedroom apartment in St Leonards On Sea in March 1997. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Similar homes in St Leonards On Sea with 100 year plus lease were valued about £260,000. The average amount of ground rent was £50 billed yearly. The lease lapsed on 18 February 2099. Considering the 73 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.
In 2012 we were called by Dr Tommy Moore who, having purchased a recently refurbished flat in St Leonards On Sea in May 2000. We are asked if we could approximate the premium could be to extend the lease by an additional years. Identical properties in St Leonards On Sea with an extended lease were in the region of £264,000. The average amount of ground rent was £60 collected quarterly. The lease elapsed on 5 January 2079. Considering the 53 years remaining we estimated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 plus legals.