Cinderford leases on residential properties are gradually losing value. Where your lease has about ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Cinderford will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some situations you may not qualify. There are also strict timetables and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| The Mortgage Works |
Using our service gives you enhanced control over the value of your Cinderford leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Connor was the the leasehold proprietor of a studio flat in Cinderford being marketed with a lease of a little over fifty eight years unexpired. Connor informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Connor to exercise his statutory right. Connor procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Last Summer we were e-mailed by Dr Milo James , who owned a one bedroom apartment in Cinderford in May 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparative homes in Cinderford with a long lease were worth £275,000. The average amount of ground rent was £55 invoiced per annum. The lease end date was in 2102. Having 76 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.
Last year we were contacted by Mr and Mrs. F Girard , who moved into a ground floor apartment in Cinderford in October 2011. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparative properties in Cinderford with 100 year plus lease were in the region of £176,200. The mid-range amount of ground rent was £65 billed per annum. The lease expiry date was in 2082. Having 56 years remaining we estimated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 not including expenses.