As the length of the unexpired term of a Canford Cliffs domestic lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 100 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Many flat owners in Canford Cliffs will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Canford Cliffs with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Canford Cliffs can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring 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.
Trailing protracted negotiations with the freeholder of her purpose-built flat in Canford Cliffs, Emily commenced the lease extension process just as her lease was approaching the crucial eighty-year mark. The legal work was concluded in March 2006. The freeholder’s charges were kept to an absolute minimum.
Mrs Francesca Miller took over the lease of a basement apartment in Canford Cliffs in February 2011. We are asked if we could approximate the price could be to extend the lease by ninety years. Identical premises in Canford Cliffs with a long lease were in the region of £280,000. The average ground rent payable was £55 billed every twelve months. The lease terminated in 2103. Having 78 years remaining we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus legals.
Last September we were contacted by Ms O Turner , who was assigned a lease of a one bedroom flat in Canford Cliffs in September 2006. The question was if we could approximate the premium would be for a ninety year lease extension. Comparable residencies in Canford Cliffs with 100 year plus lease were in the region of £191,000. The mid-range ground rent payable was £65 invoiced every twelve months. The lease came to a finish in 2083. Considering the 58 years outstanding we estimated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus expenses.