It’s an underpublicised truth that a Calstock residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Calstock property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher amount will be due. The majority of leasehold owners in Calstock will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the process.
Leasehold premises in Calstock with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Calstock can be a difficult process. We recommend you get professional help from a conveyancer 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 procuring Calstock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the landlord of her first floor flat in Calstock, Abigail started the lease extension process as the eighty year deadline was rapidly coming. The lease extension was finalised in March 2013. The freeholder’s charges were restricted to under 700 pounds.
Ms Isabel Moore acquired a purpose-built flat in Calstock in July 1996. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparable residencies in Calstock with a long lease were valued about £280,000. The mid-range amount of ground rent was £55 collected quarterly. The lease elapsed in 2104. Having 78 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus costs.
Last Christmas we were e-mailed by Ms V Bonnet , who bought a one bedroom apartment in Calstock in May 2001. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparative flats in Calstock with 100 year plus lease were in the region of £191,000. The mid-range ground rent payable was £65 billed per annum. The lease came to a finish in 2084. Given that there were 58 years remaining we approximated the compensation to the freeholder for the lease extension to be between £23,800 and £27,400 exclusive of costs.