Cotgrave 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 the lease becomes more expensive. The majority of owners of residential leasehold property in Cotgrave enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Cotgrave you really ought to see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
Leasehold residencies in Cotgrave with more than 100 years outstanding on the lease are often referred to as ‘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 to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Lease extensions in Cotgrave can be a difficult process. We recommend you get 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 dealing with Cotgrave lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jamie was the the leasehold proprietor of a studio flat in Cotgrave on the market with a lease of fraction over 61 years remaining. Jamie informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Jamie to invoke his statutory right. Jamie obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2013 we were contacted by Mr K Stewart who, having completed a one bedroom apartment in Cotgrave in May 2007. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical flats in Cotgrave with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 collected per annum. The lease concluded in 2096. Given that there were 70 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.
Last Spring we were phoned by Mrs U Stewart , who completed a newly refurbished flat in Cotgrave in April 2002. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Similar flats in Cotgrave with a long lease were in the region of £246,800. The average amount of ground rent was £60 collected per annum. The lease came to a finish on 10 August 2076. Having 50 years remaining we estimated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 exclusive of legals.