There is no doubt about it a leasehold property in Falmouth is a wasting asset as a result of the shortening lease. Where the lease has, more than 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Falmouth will qualify for this right; that being said a conveyancer should be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Falmouth with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Falmouth can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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 procuring Falmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful negotiations with the landlord of her first floor flat in Falmouth, Isobel started the lease extension process as the 80 year deadline was quickly coming. The legal work was concluded in July 2008. The landlord’s costs were kept to an absolute minimum.
Last Christmas we were contacted by Mrs N Anderson , who completed a studio flat in Falmouth in June 2012. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Similar flats in Falmouth with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease concluded in 2103. Taking into account 77 years outstanding we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.
Dr Leon Harris owned a first floor flat in Falmouth in October 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in Falmouth with an extended lease were valued around £183,600. The average amount of ground rent was £65 collected monthly. The lease concluded on 2 April 2083. Taking into account 57 years remaining we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.