Cockermouth leases on domestic properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease falls below 80 years - otherwise a higher premium will be payable. Flat owners in Cockermouth will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in Cockermouth can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with Cockermouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the landlord of her studio flat in Cockermouth, Alisha commenced the lease extension process just as the lease was approaching the all-important eighty-year deadline. The transaction was concluded in March 2006. The landlord’s fees were kept to an absolute minimum.
In 2014 we were phoned by Dr R Edwards who, having took over the lease of a first floor flat in Cockermouth in May 2003. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative residencies in Cockermouth with an extended lease were worth £285,000. The mid-range ground rent payable was £45 invoiced yearly. The lease lapsed in 2098. Given that there were 72 years unexpired we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.
Last October we were e-mailed by Mrs M Girard , who was assigned a lease of a one bedroom flat in Cockermouth in November 2006. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative properties in Cockermouth with a long lease were valued about £233,200. The mid-range ground rent payable was £60 billed quarterly. The lease lapsed on 13 July 2087. Taking into account 61 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 plus costs.