It’s an underpublicised certainty that a St Columb residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the St Columb 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 slips under 80 years - otherwise a higher amount will be due. Most leasehold owners in St Columb will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your lawyer for the duration of the process.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in St Columb can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.
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 a wealth of experience dealing with St Columb lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Mason was the the leasehold proprietor of a high value flat in St Columb on the market with a lease of fraction over 61 years outstanding. Mason informally approached his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be due on a lease extension were Mason to invoke his statutory right. Mason obtained expert advice and was able to make an informed judgement and handle with the matter and sell the property.
Last Summer we were contacted by Mrs Sophie Hall , who took over the lease of a garden apartment in St Columb in November 2011. We are asked if we could approximate the price could be for a ninety year extension to my lease. Similar homes in St Columb with an extended lease were valued about £198,800. The mid-range ground rent payable was £55 collected annually. The lease ended in 2081. Given that there were 55 years outstanding we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 exclusive of legals.
Mr I Bonnet took over the lease of a first floor flat in St Columb in September 2003. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Identical premises in St Columb with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 invoiced annually. The lease concluded in 2101. Given that there were 75 years unexpired we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.