Cottesmore leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Cottesmore tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Cottesmore you should check if your lease has between 70 and 90 years left. There are good reasons why a Cottesmore flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is put in place without delay
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Cottesmore can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 Cottesmore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Riley was the the leasehold proprietor of a studio flat in Cottesmore being marketed with a lease of a few days over 72 years remaining. Riley on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Riley to invoke his statutory right. Riley procured expert legal guidance and secured satisfactory resolution informally and readily saleable.
Mr and Mrs. H Cox moved into a first floor apartment in Cottesmore in February 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Cottesmore with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 collected quarterly. The lease ran out on 5 January 2104. Taking into account 78 years remaining we approximated the compensation to the landlord for the lease extension to be between £7,600 and £8,800 not including fees.
In 2014 we were called by Mr Ali Robinson who, having purchased a basement apartment in Cottesmore in September 1998. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Comparable residencies in Cottesmore with a long lease were valued about £267,600. The mid-range ground rent payable was £65 collected every twelve months. The lease end date was in 2093. Considering the 67 years remaining we calculated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 not including legals.