With a domestic leasehold premises in Seaton, you are actually buying an entitlement to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Residents in Seaton with a lease drawing near to 81 years remaining should seriously think of extending it as soon as possible. Once a lease has below eighty years remaining, under the relevant Act the freeholder is entitled to calculate and demand a greater amount, assessed on a technical calculation, known as “marriage value” which is due.
Leasehold properties in Seaton with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Santander | |
| Skipton Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Seaton,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Seaton valuers.
Jason was the the leasehold owner of a conversion flat in Seaton on the market with a lease of fraction over 61 years outstanding. Jason on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Jason to invoke his statutory right. Jason procured expert advice and secured an acceptable resolution informally and readily saleable.
Mr and Mrs. M Gómez acquired a first floor flat in Seaton in September 2006. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar properties in Seaton with 100 year plus lease were worth £174,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease expired on 21 May 2077. Having 51 years outstanding we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of expenses.
Dr B García owned a basement apartment in Seaton in October 1996. The question was if we could estimate the price could be for a 90 year lease extension. Identical premises in Seaton with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease expired in 2097. Given that there were 71 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.