Canford Cliffs leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Canford Cliffs will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not be entitled. There are also strict timetables and steps to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Canford Cliffs can be a difficult process. We recommend you get 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 a wealth of experience dealing with Canford Cliffs lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Joseph, started to get close to the eighty-year mark with the lease on his studio apartment in Canford Cliffs. Having bought his home two decades ago, the unexpired term was of little importance. Fortunately, he became aware that he needed to take steps soon on a lease extension. Joseph extended the lease at the eleventh hour last September. Joseph and the freeholder eventually agreed on an amount of £6,000 . If he had missed the deadline, the amount would have escalated by a minimum £1,000.
Last Winter we were approach by Dr Victoria Garcia , who took over the lease of a garden flat in Canford Cliffs in August 2011. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative homes in Canford Cliffs with a long lease were worth £235,200. The mid-range ground rent payable was £45 billed annually. The lease finished on 1 January 2091. Considering the 66 years remaining we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.
Last Autumn we were contacted by Mr and Mrs. V Williams , who purchased a one bedroom apartment in Canford Cliffs in September 2008. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Identical premises in Canford Cliffs with an extended lease were valued around £280,000. The mid-range amount of ground rent was £55 invoiced annually. The lease terminated on 24 March 2102. Taking into account 77 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of fees.