The market value of a leasehold property in Cockermouth is impacted by how long the lease has left to run. If it is near to or less than 80 years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that all matters can be concluded prior to the 80 year mark. Statute entitles Cockermouth qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has fifty years remaining the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Lease extensions in Cockermouth can be a difficult process. We recommend you get professional help 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 a wealth of experience procuring Cockermouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the freeholder of her garden flat in Cockermouth, Nicole initiated the lease extension process as the 80 year deadline was rapidly advancing. The legal work was concluded in May 2008. The freeholder’s charges were negotiated to under 600 GBP.
In 2014 we were e-mailed by Ms P Cook who, having bought a one bedroom flat in Cockermouth in April 2012. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable premises in Cockermouth with an extended lease were in the region of £250,400. The mid-range ground rent payable was £65 collected per annum. The lease terminated in 2090. Given that there were 64 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 not including professional charges.
Last Summer we were approach by Dr Aarav Bernard , who moved into a basement flat in Cockermouth in April 1995. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Identical residencies in Cockermouth with an extended lease were valued around £184,000. The average ground rent payable was £55 invoiced annually. The lease came to a finish on 26 May 2079. Taking into account 53 years left we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.