Clarborough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Clarborough tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Clarborough you would be well advised to check if your lease has between seventy and ninety years left. There are compelling reasons why a Clarborough leaseholder with a lease having around 80 years left should take steps to make sure that a lease extension is put in place without delay
Leasehold premises in Clarborough with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society |
Lease extensions in Clarborough can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 in-depth market knowledge procuring Clarborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake was the the leasehold owner of a conversion apartment in Clarborough on the market with a lease of fraction over 61 years outstanding. Blake informally spoke with his freeholder a well known London-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 an increased rent to £125 yearly. No ground rent would be due on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.
In 2014 we were e-mailed by Mr Jonathan Norbert who, having moved into a newly refurbished flat in Clarborough in September 2008. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable properties in Clarborough with a long lease were worth £280,000. The average amount of ground rent was £45 invoiced yearly. The lease terminated on 3 October 2096. Given that there were 70 years as a residual term we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus legals.
In 2012 we were called by Dr I Wright who, having moved into a purpose-built flat in Clarborough in January 2000. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar residencies in Clarborough with an extended lease were worth £223,400. The mid-range amount of ground rent was £60 collected monthly. The lease ended on 5 October 2085. Considering the 59 years outstanding we calculated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 plus legals.