Main reasons to start your Carbis Bay lease extension
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Main reasons to start your Carbis Bay lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/carbis-bay">Carbis Bay</a> property value </h4>
<p> When it comes to long leasehold premises in Carbis Bay, you are actually buying a right to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than eighty years remaining. Leasehold owners in Carbis Bay with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When a lease has under eighty years outstanding, under the relevant statute the freeholder can calculate and levy a greater amount, assessed on a technical calculation, strangely termed as “marriage value” which is payable. <h4>Carbis Bay property with a lease extension has roughly the same value as a freehold</h4>
<p> It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
<h4>Lending institutions may decide not to issue a mortgage with a short lease</h4> Banks and building societies are really clamping down as regards to homes in Carbis Bay with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.
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<tr><th>Lender</th>
<th> Requirement
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<td>Barclays plc</td>
<td> Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).<br /><br />Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.<br /><br />Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:<br /><br />• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND<br />• The value of the property subject to the short remaining term is £500,000 or more AND<br />• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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<td>Coventry Building Society</td>
<td> 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.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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What makes us experts in Carbis Bay lease extensions?
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<p> Retaining our service will provide you enhanced control over the value of your Carbis Bay leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell.
The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Carbis Bay Lease Extension Case Studies:
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<h5> Lewis, Carbis Bay, Cornwall</h5>
<p> During the course of the last few months Lewis, came dangerously close to the eighty-year threshold with the lease on his purpose- built apartment in Carbis Bay. Having purchased his home two decades ago, the length of the lease was of no relevance. Thankfully, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Lewis was able to extend his lease just in the nick of time last July. Lewis and the landlord who owned the flat above eventually settled on the final figure of £5,000 . If he had missed the deadline, the figure would have become more exhorbitant by at least £900.
<h5>Carbis Bay case:</h5>
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In 2013 we were approached by Dr R Pérez who, having took over the lease of a ground floor flat in Carbis Bay in February 1998. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Carbis Bay with 100 year plus lease were worth £242,600. The average ground rent payable was £45 billed quarterly. The lease lapsed in 2093. Having 67 years unexpired we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus expenses.
<h5>Carbis Bay case:</h5>
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Last Christmas we were e-mailed by Mr and Mrs. U Martin , who
was assigned a lease of a purpose-built flat in Carbis Bay in October 2004. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Comparable residencies in Carbis Bay with an extended lease were valued about £280,000. The average amount of ground rent was £55 invoiced per annum. The lease ended on 24 October 2104. Having 78 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.
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