The market value of a leasehold property in Canford Cliffs is impacted by how long the lease has remaining. If it is near to or fewer than eighty years you should anticipate difficulties on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. Ideally one should start the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be addressed ahead of the eighty year mark. Current legislation entitles Canford Cliffs qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus an additional term of 90 years. The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin | |
| Yorkshire Building Society |
Using our service will provide you increased control over the value of your Canford Cliffs leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted correspondence with the landlord of her first floor flat in Canford Cliffs, Chloe commenced the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The lease extension completed in June 2015. The landlord’s costs were restricted to below 550 GBP.
Ms Madeleine Bernard owned a one bedroom flat in Canford Cliffs in July 1999. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Identical flats in Canford Cliffs with 100 year plus lease were valued about £176,200. The average amount of ground rent was £65 billed quarterly. The lease ran out in 2082. Having 56 years left we estimated the premium to the landlord for the lease extension to be within £29,500 and £34,000 not including fees.
Last Spring we were phoned by Dr Benjamin White , who took over the lease of a studio flat in Canford Cliffs in June 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable flats in Canford Cliffs with an extended lease were worth £242,600. The average amount of ground rent was £45 billed yearly. The lease ended in 2093. Having 67 years left we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus expenses.