Cockermouth leases on domestic deteriorating in value. if your lease has about 90 years left, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Cockermouth will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In certain cases you may not qualify. There are also strict deadlines and steps to follow once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold properties in Cockermouth with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Cockermouth can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.
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 procuring Cockermouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kyle was the the leasehold owner of a studio apartment in Cockermouth being sold with a lease of a few days over sixty years left. Kyle on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Kyle to exercise his statutory right. Kyle procured expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.
In 2014 we were called by Mr and Mrs. S Gunderson who, having completed a recently refurbished flat in Cockermouth in November 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparative properties in Cockermouth with a long lease were valued about £280,000. The mid-range amount of ground rent was £45 billed monthly. The lease finished in 2095. Taking into account 70 years left we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.
Last Spring we were phoned by Dr Eli Kelly , who completed a purpose-built flat in Cockermouth in June 1996. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative residencies in Cockermouth with 100 year plus lease were in the region of £223,400. The average ground rent payable was £60 invoiced every twelve months. The lease came to a finish on 1 August 2084. Considering the 59 years left we calculated the premium to the freeholder for the lease extension to be within £27,600 and £31,800 exclusive of professional charges.