The closer a domestic lease in Canford Cliffs nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than 99 years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Canford Cliffs will qualify for this right; however a conveyancing solicitor can advise whether you are eligible for a lease extension. In limited 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 left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
The lawyers that we work with procure Canford Cliffs lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Half a year ago Oliver, came seriously close to the eighty-year mark with the lease on his ground floor flat in Canford Cliffs. In buying his flat two decades ago, the lease term was of little importance. by good luck, he noticed he would soon be paying an inflated amount for a lease extension. Oliver was able to extend his lease just in the nick of time in March. Oliver and the landlord who owned the flat above eventually agreed on sum of £5,500 . If the lease had slid lower than eighty years, the price would have escalated by a minimum £1,025.
In 2014 we were contacted by Dr T Torres who, having completed a first floor apartment in Canford Cliffs in June 1996. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical homes in Canford Cliffs with an extended lease were in the region of £166,400. The average ground rent payable was £60 billed monthly. The lease terminated on 27 April 2079. Taking into account 54 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including costs.
Mr Cameron Morgan moved into a first floor apartment in Canford Cliffs in October 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Identical premises in Canford Cliffs with a long lease were in the region of £232,800. The average ground rent payable was £45 collected monthly. The lease finished in 2090. Taking into account 65 years outstanding we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.