As the length of the unexpired term of a Corfe Castle domestic lease decreases so does its value and therefore the value of your property. If the residual term has, beyond 100 years to run then this decrease may be negligible however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner as opposed to later. The majority of flat owners in Corfe Castle will qualify for this right; that being said a conveyancing solicitor will be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Corfe Castle with in excess of 100 years remaining 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 home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB |
Engaging our service will provide you increased control over the value of your Corfe Castle leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Alex, came perilously close to the eighty-year mark with the lease on his purpose- built apartment in Corfe Castle. In buying his home twenty years previously, the length of the lease was of little bearing. As luck would have it, he recognised he would imminently be paying way over the odds for Extending the lease. Alex arranged for a lease extension just ahead of time in June. Alex and the freeholder via the management company in the end settled on sum of £5,000 . If he not met the deadline, the amount would have become more exhorbitant by a minimum £1,025.
In 2009 we were e-mailed by Mr and Mrs. M Walker who, having moved into a one bedroom flat in Corfe Castle in July 1996. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable premises in Corfe Castle with a long lease were valued around £264,000. The average amount of ground rent was £60 invoiced per annum. The lease came to a finish in 2079. Considering the 53 years remaining we approximated the premium to the landlord to extend the lease to be between £37,100 and £42,800 exclusive of expenses.
In 2014 we were approached by Mr and Mrs. O Cooper who, having acquired a studio flat in Corfe Castle in August 2011. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical properties in Corfe Castle with an extended lease were in the region of £220,400. The mid-range amount of ground rent was £45 collected annually. The lease lapsed on 22 May 2090. Considering the 64 years remaining we estimated the premium to the landlord to extend the lease to be between £15,200 and £17,600 plus fees.