Carbis Bay leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher amount will be payable. Flat owners in Carbis Bay will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some situations you may not qualify. There are prescribed deadlines and procedures to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 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 |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Carbis Bay can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 Carbis Bay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the landlord of her leasehold apartment in Carbis Bay, Isabelle started the lease extension process as the 80 year threshold was fast approaching. The legal work was finalised in June 2013. The landlord’s fees were kept to an absolute minimum.
Dr O Ali owned a purpose-built apartment in Carbis Bay in February 2000. The dilemma was if we could approximate the premium could be to extend the lease by a further 90 years. Identical homes in Carbis Bay with a long lease were valued about £264,000. The average ground rent payable was £60 collected monthly. The lease terminated in 2077. Considering the 53 years unexpired we estimated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 not including legals.
Last Autumn we were phoned by Mr and Mrs. G López , who purchased a first floor flat in Carbis Bay in January 1998. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Identical properties in Carbis Bay with an extended lease were valued around £225,400. The mid-range amount of ground rent was £45 invoiced yearly. The lease finished in 2088. Given that there were 64 years unexpired we approximated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 plus fees.