Unfortunately that a Carbis Bay residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Carbis Bay property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher premium will be due. Most leasehold owners in Carbis Bay will be able to extend under the legislation; however a lawyer will be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the process.
Leasehold residencies in Carbis Bay with more than 100 years remaining 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 upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Leeds Building Society | |
| TSB |
Lease extensions in Carbis Bay can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Carbis Bay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Adam owned a high value apartment in Carbis Bay on the market with a lease of a few days over 59 years remaining. Adam on an informal basis spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 annually. No ground rent would be payable on a lease extension were Adam to exercise his statutory right. Adam procured expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.
In 2011 we were phoned by Dr Aaron James who, having moved into a ground floor apartment in Carbis Bay in May 1998. The question was if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparative flats in Carbis Bay with an extended lease were worth £246,800. The mid-range ground rent payable was £60 collected yearly. The lease lapsed in 2076. Considering the 50 years outstanding we approximated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 not including costs.
Ms Laura Bell took over the lease of a studio flat in Carbis Bay in January 2012. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparative premises in Carbis Bay with a long lease were worth £208,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease finished on 7 August 2087. Given that there were 61 years unexpired we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus professional charges.