Why you should commence your Seaton lease extension

Main reasons to commence your Seaton lease extension today:

A Seaton lease depreciates with the years remaining on the lease.

The market value of Seaton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the remaining term is less than 80 years

Seaton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Seaton with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to finance a property on a short lease

Most mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this will result in your Seaton property being difficult to dispose of or remortgage.

What makes us experts in Seaton lease extensions?

Using our service gives you increased control over the value of your Seaton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Seaton Lease Extension Case Studies:

Lewis, Seaton, Devon

In 2014 Lewis, started to get close to the 80-year mark with the lease on his leasehold flat in Seaton. Having purchased his home two decades ago, the lease term was of little interest. by good luck, he noticed he would imminently be paying an inflated amount for a lease extension. Lewis extended the lease just ahead of time in July. Lewis and the freeholder subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the sum would have escalated by at least £875.

Seaton case:

In 2010 we were e-mailed by Mr and Mrs. Y Laurent who, having moved into a recently refurbished apartment in Seaton in March 1997. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Similar flats in Seaton with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease terminated on 22 August 2104. Considering the 78 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of expenses.

Seaton case:

Mr and Mrs. J Young completed a studio apartment in Seaton in February 2009. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative residencies in Seaton with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected per annum. The lease ran out in 2093. Considering the 67 years remaining we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of expenses.