Carbis Bay leases on residential deteriorating in value. Where your lease has about 90 years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Carbis Bay will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and steps to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Carbis Bay with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service will provide you better control over the value of your Carbis Bay leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Jamie owned a studio flat in Carbis Bay being sold with a lease of a few days over 59 years outstanding. Jamie informally spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were Jamie to exercise his statutory right. Jamie procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.
In 2013 we were called by Mr and Mrs. B García who, having moved into a garden flat in Carbis Bay in October 1999. The question was if we could estimate the price would likely be to extend the lease by an additional years. Similar homes in Carbis Bay with 100 year plus lease were worth £260,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease lapsed in 2097. Having 71 years left we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.
Mr and Mrs. I James acquired a one bedroom flat in Carbis Bay in September 2009. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Similar homes in Carbis Bay with a long lease were valued about £254,200. The mid-range amount of ground rent was £60 billed quarterly. The lease termination date was on 15 January 2077. Considering the 51 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 exclusive of costs.