Top reasons for Westgate on Sea lease extension

Why you should start your Westgate on Sea lease extension today:

A Westgate on Sea leasehold property depreciates with the years remaining on the lease.

With a residential leasehold premises in Westgate on Sea, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than 80 years left. Leasehold owners in Westgate on Sea with a lease approaching 81 years left should seriously consider extending it without delay. Once a lease has below 80 years left, under the current Act the freeholder can calculate and demand a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.

Westgate on Sea property with a lease extension is almost the same value as a freehold

Leasehold premises in Westgate on Sea with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not loan monies with a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems if you wish to sell your flat in Westgate on Sea if the unexpired term of your lease is below the criteria set by most lenders. Different mortgage companies have different requirements but generally they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Westgate on Sea lease extensions?

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 saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Westgate on Sea Lease Extension Example Cases:

Max, Westgate on Sea, Kent

During the course of the last few months Max, started to get near to the 80-year mark with the lease on his one bedroom flat in Westgate on Sea. Having purchased his flat two decades ago, the lease term was of little relevance. Thankfully, he became aware that he would imminently be paying way over the odds for a lease extension. Max extended the lease at the eleventh hour in June. Max and the landlord eventually agreed on an amount of £5,000 . If the lease had gone below 80 years, the amount would have become more costly by a minimum £875.

Westgate on Sea case:

Last Christmas we were called by Dr J Jones , who purchased a basement flat in Westgate on Sea in November 1998. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparative homes in Westgate on Sea with an extended lease were in the region of £183,600. The average ground rent payable was £65 billed annually. The lease lapsed in 2083. Considering the 57 years remaining we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including professional charges.

Westgate on Sea case:

Dr Abigail Nelson bought a one bedroom apartment in Westgate on Sea in November 1999. We are asked if we could estimate the price would be for a 90 year lease extension. Comparable homes in Westgate on Sea with a long lease were worth £245,000. The average amount of ground rent was £50 invoiced every twelve months. The lease terminated in 2094. Taking into account 68 years unexpired we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.