Why you should start your Carbis Bay lease extension

Why you should start your Carbis Bay lease extension today:

Increase your lease and increase your Carbis Bay property value

For those whose Carbis Bay property is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold properties in Carbis Bay with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders will not loan monies on a short lease

Lenders are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Carbis Bay were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Carbis Bay lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Carbis Bay,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Carbis Bay valuers.

Carbis Bay Lease Extension Example Cases:

Melissa, Carbis Bay, Cornwall,

Subsequent to lengthy discussions with the landlord of her garden apartment in Carbis Bay, Melissa initiated the lease extension process just as her lease was nearing the critical 80-year mark. The lease extension was concluded in May 2013. The freeholder’s charges were kept to an absolute minimum.

Carbis Bay case:

In 2014 we were approached by Dr T Morgan who, having completed a first floor apartment in Carbis Bay in August 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Carbis Bay with 100 year plus lease were valued around £191,000. The mid-range ground rent payable was £65 collected every twelve months. The lease ran out on 19 November 2084. Considering the 58 years unexpired we estimated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 plus legals.

Carbis Bay case:

Ms K Moore bought a newly refurbished flat in Carbis Bay in July 2005. The dilemma was if we could approximate the price would be for a 90 year lease extension. Identical premises in Carbis Bay with an extended lease were worth £250,000. The average ground rent payable was £50 invoiced per annum. The lease expired in 2095. Taking into account 69 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.