The only way is down when it comes to Porthleven lease terms. Porthleven flats that have a residual term less than than 80 years will drop in market price even faster, and the cost of extending your lease will increase.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Porthleven,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Porthleven valuers.
Daniel owned a high value apartment in Porthleven being sold with a lease of a few days over 61 years unexpired. Daniel informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Daniel to invoke his statutory right. Daniel procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
Last month we were called by Ms Caitlin Phillips , who was assigned a lease of a one bedroom flat in Porthleven in May 2010. We are asked if we could estimate the price would be for a ninety year lease extension. Comparable flats in Porthleven with a long lease were worth £260,000. The average amount of ground rent was £50 invoiced per annum. The lease ended on 24 November 2098. Having 72 years remaining we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
Last Christmas we were contacted by Dr Samuel Simon , who bought a purpose-built flat in Porthleven in October 2003. The question was if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Similar premises in Porthleven with 100 year plus lease were worth £256,600. The average ground rent payable was £60 collected monthly. The lease concluded on 11 November 2078. Considering the 52 years remaining we approximated the premium to the freeholder for the lease extension to be within £39,000 and £45,000 plus legals.