Cannington leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Cannington will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with procure Cannington 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.
Trailing unsuccessful discussions with the landlord of her one bedroom apartment in Cannington, Natasha commenced the lease extension process as the eighty year mark was quickly approaching. The transaction was concluded in July 2006. The freeholder’s costs were kept to an absolute minimum.
Mr L Davis acquired a garden apartment in Cannington in July 2003. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar residencies in Cannington with an extended lease were worth £265,000. The mid-range ground rent payable was £55 billed quarterly. The lease expiry date was on 1 September 2100. Considering the 74 years left we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.
In 2012 we were approached by Mr and Mrs. N Robinson who, having acquired a one bedroom apartment in Cannington in October 1996. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Identical flats in Cannington with a long lease were in the region of £166,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease elapsed on 14 April 2080. Given that there were 54 years remaining we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of professional charges.