Copthorne leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Copthorne enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Copthorne you would be well advised to see if your lease has between seventy and 90 years left. There are good reasons why a Copthorne leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is actioned without delay
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Copthorne can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 a wealth of experience dealing with Copthorne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy correspondence with the freeholder of her leasehold apartment in Copthorne, Yasmin commenced the lease extension process just as her lease was nearing the critical 80-year deadline. The lease extension was finalised in April 2014. The freeholder’s fees were restricted to about 550 GBP.
In 2014 we were called by Dr Nathaniel Mitchell who, having purchased a first floor apartment in Copthorne in October 2001. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative premises in Copthorne with an extended lease were worth £235,200. The average ground rent payable was £45 invoiced monthly. The lease lapsed in 2091. Having 66 years remaining we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including legals.
Last Christmas we were phoned by Mr Kyle André , who was assigned a lease of a newly refurbished apartment in Copthorne in November 2001. 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. Comparable properties in Copthorne with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease expired on 18 January 2102. Given that there were 77 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including professional charges.