Seaton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Seaton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Seaton you really ought to check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Yorkshire Building Society |
Using our service gives you increased control over the value of your Seaton leasehold, as your property will be more valuable and saleable in relation to the 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.
Twenty four months ago Michael, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Seaton. Having purchased his property twenty years ago, the length of the lease was of little interest. Luckily, he realised he needed to take steps soon on a lease extension. Michael arranged for a lease extension just ahead of time last June. Michael and the landlord ultimately agreed on sum of £6,000 . If he had missed the deadline, the amount would have become more exhorbitant by at least £1,025.
In 2014 we were e-mailed by Mrs B François who, having took over the lease of a first floor flat in Seaton in January 1995. The dilemma was if we could estimate the price could be for a ninety year lease extension. Comparable residencies in Seaton with an extended lease were worth £260,200. The mid-range amount of ground rent was £65 collected yearly. The lease finished on 8 February 2092. Having 66 years remaining we estimated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus legals.
Last Autumn we were approach by Mr A Adams , who purchased a ground floor flat in Seaton in July 2011. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparative flats in Seaton with 100 year plus lease were valued around £198,800. The mid-range ground rent payable was £55 collected monthly. The lease ran out in 2081. Taking into account 55 years left we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus fees.