As the length of the unexpired term of a Cottesmore residential lease lessens so does its value and therefore the value of your property. If the lease has, over 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending without delay. The majority of flat owners in Cottesmore will qualify for this right; nevertheless a lawyer can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Cottesmore with more than one hundred 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 upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| TSB | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Cottesmore,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cottesmore valuers.
After protracted correspondence with the landlord of her garden apartment in Cottesmore, Francesca initiated the lease extension process just as her lease was coming close to the crucial eighty-year mark. The legal work was finalised in March 2006. The landlord’s costs were negotiated to approximately 700 GBP.
Last month we were called by Mr and Mrs. D Carter , who owned a first floor apartment in Cottesmore in May 2004. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative properties in Cottesmore with an extended lease were in the region of £265,200. The mid-range ground rent payable was £65 billed every twelve months. The lease came to a finish on 10 May 2092. Given that there were 66 years remaining we estimated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of expenses.
In 2011 we were called by Mr and Mrs. H Lefèvre who, having owned a ground floor apartment in Cottesmore in October 2000. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparable properties in Cottesmore with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 invoiced per annum. The lease concluded in 2081. Considering the 55 years left we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of costs.