Chances are that if you own a flat in Helston you actually own a long leasehold interest over your property
Leasehold premises in Helston with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society |
Lease extensions in Helston can be a difficult process. We recommend you procure guidance 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 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.
Henry was the the leasehold owner of a studio flat in Helston on the market with a lease of just over 72 years unexpired. Henry informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Henry to exercise his statutory right. Henry procured expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.
In 2009 we were phoned by Ms Natalie Bailey who, having took over the lease of a garden apartment in Helston in March 2012. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative flats in Helston with a long lease were in the region of £213,600. The average ground rent payable was £60 collected every twelve months. The lease elapsed on 14 September 2083. Given that there were 57 years remaining we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.
Dr Jasmine Davis owned a one bedroom apartment in Helston in March 2006. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical residencies in Helston with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 billed yearly. The lease elapsed in 2103. Given that there were 77 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.