Carbis Bay leases on residential properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease drops below 80 years - otherwise a higher amount will be due. Leasehold owners in Carbis Bay will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and steps to follow once the process has started so it’s best to be guided by a lawyer during the process.
Leasehold premises in Carbis Bay with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a freeholder in Carbis Bay,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Carbis Bay valuers.
Half a year ago Lewis, started to get near to the eighty-year mark with the lease on his leasehold apartment in Carbis Bay. Having bought his home 18 years ago, the unexpired term was of minimal concern. Fortunately, he became aware that he would soon be paying way over the odds for a lease extension. Lewis extended the lease just under the wire in September. Lewis and the freeholder in the end settled on an amount of £5,000 . If he had missed the deadline, the price would have escalated by at least £875.
Last Spring we were phoned by Mr P Reed , who owned a one bedroom apartment in Carbis Bay in August 1997. 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. Identical premises in Carbis Bay with a long lease were in the region of £270,000. The average amount of ground rent was £55 invoiced quarterly. The lease concluded on 9 October 2100. Given that there were 75 years remaining we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.
Mr S Bennett acquired a one bedroom apartment in Carbis Bay in March 1996. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Comparative residencies in Carbis Bay with 100 year plus lease were in the region of £173,800. The mid-range ground rent payable was £60 collected per annum. The lease concluded on 18 November 2080. Having 55 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including professional charges.