Westgate on Sea leases on residential properties are gradually losing value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher amount will be due. Flat owners in Westgate on Sea will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly 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 decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Virgin |
Using our service will provide you enhanced control over the value of your Westgate on Sea leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last year Felix, started to get near to the 80-year threshold with the lease on his studio flat in Westgate on Sea. Having purchased his property 18 years previously, the unexpired term was of minimal interest. by good luck, he noticed he would imminently be paying way over the odds for Extending the lease. Felix arranged for a lease extension just ahead of time in August. Felix and the freeholder via the management company ultimately settled on a premium of £6,000 . If the lease had gone lower than 80 years, the figure would have increased by at least £900.
In 2010 we were approached by Mr and Mrs. S Simon who, having purchased a first floor flat in Westgate on Sea in July 2005. The question was if we could estimate the premium would be to prolong the lease by 90 years. Comparable premises in Westgate on Sea with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected annually. The lease lapsed in 2079. Having 53 years left we estimated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 not including costs.
In 2014 we were phoned by Mr and Mrs. U Thompson who, having was assigned a lease of a garden apartment in Westgate on Sea in October 2012. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Similar homes in Westgate on Sea with 100 year plus lease were in the region of £225,400. The mid-range ground rent payable was £45 billed every twelve months. The lease came to a finish on 3 October 2090. Given that there were 64 years outstanding we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 exclusive of expenses.