The only way is down when it comes to Canons Park lease terms. Canons Park leaseholds that have a remaining term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will increase.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Virgin | |
| Yorkshire Building Society |
Engaging our service will provide you better control over the value of your Canons Park leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Harrison was the the leasehold proprietor of a conversion apartment in Canons Park being marketed with a lease of fraction over 61 years unexpired. Harrison on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Harrison to invoke his statutory right. Harrison obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the property.
Mr Ali Norbert acquired a purpose-built flat in Canons Park in January 1998. We are asked if we could estimate the price would be to prolong the lease by 90 years. Comparative properties in Canons Park with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 billed annually. The lease came to a finish in 2087. Considering the 61 years outstanding we estimated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 plus professional charges.
Last Autumn we were phoned by Mr and Mrs. I Jackson , who owned a one bedroom apartment in Canons Park in May 2000. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable flats in Canons Park with 100 year plus lease were valued about £171,800. The mid-range ground rent payable was £55 collected quarterly. The lease expired on 17 July 2076. Taking into account 50 years remaining we approximated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.