Corston leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Corston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Corston you would be well advised to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Corston flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is put in place without delay
Leasehold residencies in Corston with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Corston can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 Corston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ryan was the the leasehold owner of a high value flat in Corston on the market with a lease of just over fifty eight years unexpired. Ryan on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Ryan to exercise his statutory right. Ryan procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
Mr and Mrs. J Simon purchased a basement apartment in Corston in February 1999. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Corston with 100 year plus lease were valued about £260,200. The average amount of ground rent was £65 collected yearly. The lease terminated on 13 June 2092. Considering the 66 years remaining we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 not including professional charges.
Last Winter we were approach by Mr T Phillips , who moved into a studio flat in Corston in October 2012. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative homes in Corston with an extended lease were valued around £198,800. The mid-range ground rent payable was £55 invoiced monthly. The lease termination date was in 2081. Taking into account 55 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of professional charges.