On the balance of probabilities if you own a flat in Camborne you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Camborne can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 Camborne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the freeholder of her purpose-built flat in Camborne, Holly initiated the lease extension process just as the lease was coming close to the all-important 80-year deadline. The transaction was concluded in April 2006. The freeholder’s fees were restricted to under 450 GBP.
In 2014 we were e-mailed by Mr and Mrs. R Cox who, having owned a studio apartment in Camborne in August 1997. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar properties in Camborne with 100 year plus lease were valued about £166,400. The average ground rent payable was £60 billed every twelve months. The lease came to a finish on 26 October 2080. Taking into account 54 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus expenses.
In 2012 we were phoned by Mrs J Lewis who, having purchased a garden apartment in Camborne in February 1998. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative properties in Camborne with an extended lease were in the region of £227,800. The mid-range ground rent payable was £45 billed yearly. The lease terminated on 19 July 2091. Considering the 65 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including fees.