The only way is down when it comes to Westgate on Sea lease terms. Westgate on Sea properties that have a remaining term shorter than 80 years will drop in value even faster, and the cost to extend your lease will go up.
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Westgate on Sea,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Westgate on Sea valuers.
After unsuccessful discussions with the freeholder of her studio flat in Westgate on Sea, Emily initiated the lease extension process as the eighty year threshold was fast approaching. The lease extension completed in April 2012. The landlord’s charges were negotiated to under 600 pounds.
Dr Jason François completed a studio apartment in Westgate on Sea in January 2000. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Comparative residencies in Westgate on Sea with a long lease were valued around £261,600. The mid-range amount of ground rent was £60 billed per annum. The lease came to a finish on 20 September 2077. Taking into account 52 years left we approximated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 exclusive of fees.
In 2012 we were approached by Ms C Wilson who, having purchased a one bedroom apartment in Westgate on Sea in April 2008. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Identical homes in Westgate on Sea with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 billed per annum. The lease expired in 2088. Having 63 years left we estimated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 not including legals.