Cannock leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the current lease drops under eighty years - otherwise a higher amount will be due. Leasehold owners in Cannock will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Cannock can be a difficult process. We recommend you obtain professional help from a conveyancer 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 Cannock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jason owned a high value apartment in Cannock being marketed with a lease of just over fifty eight years remaining. Jason on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Jason to invoke his statutory right. Jason obtained expert advice and secured an acceptable resolution informally and sell the flat.
Last Christmas we were contacted by Dr T Morris , who was assigned a lease of a garden apartment in Cannock in November 2009. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Comparable properties in Cannock with an extended lease were valued about £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease came to a finish in 2093. Given that there were 67 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of expenses.
In 2009 we were phoned by Mr and Mrs. U Ricardo who, having moved into a studio flat in Cannock in August 2010. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Cannock with 100 year plus lease were valued about £206,200. The mid-range amount of ground rent was £55 billed monthly. The lease ended on 27 August 2082. Considering the 56 years left we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including expenses.