There is no doubt about it a leasehold property in Westcliff On Sea is a wasting asset as a result of the shortening lease. Where the lease has, over 125 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than 80 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 reason why you should consider extending without delay. Most flat owners in Westcliff On Sea will meet the qualifying criteria; that being said a conveyancer will be able to advise if you qualify to extend your lease. In certain 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 accepted that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Westcliff On Sea can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.
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 in-depth market knowledge dealing with Westcliff On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alex was the the leasehold proprietor of a studio apartment in Westcliff On Sea being sold with a lease of just over 59 years left. Alex informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Alex to invoke his statutory right. Alex procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
Last Christmas we were phoned by Dr Bethany García , who completed a studio apartment in Westcliff On Sea in March 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar residencies in Westcliff On Sea with a long lease were worth £261,600. The mid-range amount of ground rent was £60 billed monthly. The lease ran out in 2077. Considering the 52 years unexpired we calculated the premium to the landlord for the lease extension to be between £39,000 and £45,000 exclusive of professional charges.
In 2011 we were called by Mr Aarav Laurent who, having bought a ground floor flat in Westcliff On Sea in October 2004. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Identical residencies in Westcliff On Sea with 100 year plus lease were valued about £218,000. The average amount of ground rent was £45 invoiced monthly. The lease ran out on 14 November 2088. Considering the 63 years remaining we estimated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 plus expenses.