Westcliff On Sea leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Westcliff On Sea will usually qualify for a lease extension; however a solicitor will confirm your eligibility. In some circumstances you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.
It is generally considered that a property with over 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 residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Leeds Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Engaging our service will provide you increased control over the value of your Westcliff On Sea leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of unsuccessful correspondence with the freeholder of her two bedroom flat in Westcliff On Sea, Victoria commenced the lease extension process just as her lease was approaching the all-important 80-year threshold. The transaction was concluded in April 2007. The freeholder’s fees were kept to an absolute minimum.
In 2009 we were contacted by Mr and Mrs. E Thompson who, having purchased a garden apartment in Westcliff On Sea in September 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative properties in Westcliff On Sea with an extended lease were valued around £265,000. The mid-range amount of ground rent was £50 billed per annum. The lease ran out in 2099. Given that there were 73 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.
In 2012 we were approached by Mr and Mrs. I Williams who, having took over the lease of a purpose-built apartment in Westcliff On Sea in November 1998. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable homes in Westcliff On Sea with an extended lease were in the region of £264,000. The average ground rent payable was £60 billed per annum. The lease terminated on 25 March 2079. Taking into account 53 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 plus expenses.