The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Helston can extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Helston lease extension. Putting off that expense now simply increases the price you will eventually be required to pay to extend the lease.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Helston can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Helston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Reuben, came very close to the 80-year threshold with the lease on his first floor flat in Helston. Having bought his flat two decades ago, the unexpired term was of no bearing. Fortunately, he realised he needed to take action soon on Extending the lease. Reuben was able to extend his lease just under the wire last June. Reuben and the freeholder subsequently settled on an amount of £6,000 . If he failed to meet the deadline, the sum would have escalated by at least £900.
Last Summer we were e-mailed by Mr and Mrs. P Peterson , who completed a one bedroom flat in Helston in January 2012. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Similar premises in Helston with a long lease were worth £233,200. The average amount of ground rent was £60 collected annually. The lease lapsed in 2087. Taking into account 61 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of legals.
Last year we were approach by Dr Ethan Phillips , who completed a ground floor apartment in Helston in July 2011. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Comparative premises in Helston with an extended lease were worth £171,800. The mid-range amount of ground rent was £55 invoiced per annum. The lease concluded in 2076. Considering the 50 years left we estimated the premium to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of fees.