As the the remaining lease term of a Looe domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, in excess of one hundred years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Looe will meet the qualifying criteria; that being said a conveyancer should be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold properties in Looe with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| TSB |
Lease extensions in Looe can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 a wealth of experience dealing with Looe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the freeholder of her purpose-built apartment in Looe, Jodie initiated the lease extension process just as the lease was approaching the critical 80-year mark. The legal work was concluded in April 2009. The landlord’s costs were negotiated to below 500 GBP.
Mr and Mrs. T Ricardo completed a garden flat in Looe in April 2005. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparable flats in Looe with 100 year plus lease were worth £295,000. The average ground rent payable was £45 collected yearly. The lease lapsed in 2100. Having 74 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.
Last January we were called by Mrs Niamh Alexander , who acquired a studio flat in Looe in February 2000. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Comparable flats in Looe with an extended lease were in the region of £248,000. The mid-range amount of ground rent was £65 collected every twelve months. The lease elapsed in 2089. Considering the 63 years remaining we calculated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 not including professional charges.