The re-sale value of a leasehold property in Cowley is impacted by how many years the lease has remaining. If it is close to or fewer than eighty years you should anticipate problems on re-sale, so it is advisable to arrange for the lease to be extended before buying. Ideally one should start the lease extension process when the lease still has 82 years unexpired so that all matters can be concluded in advance of the 80 year cut off point. Statute entitles Cowley qualifying lessees to acquire a lease extension of ninety years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The reason of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold properties in Cowley with over 100 years unexpired 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
|Bank of Scotland|| Minimum 70 years from the date of the mortgage.|
|Barnsley Building Society||60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.|
|Coventry Building Society||A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.|
|Halifax|| Minimum 70 years from the date of the mortgage.|
|Leeds Building Society||85 years remaing from the start of the mortgage.|
Lease extensions in Cowley can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.
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 in-depth market knowledge dealing with Cowley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jack owned a conversion flat in Cowley being sold with a lease of a few days over 61 years outstanding. Jack on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Jack to invoke his statutory right. Jack procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the property.
Mr and Mrs. Y Laurent moved into a studio apartment in Cowley in June 1999. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical premises in Cowley with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £45 collected yearly. The lease ran out on 13 September 2092. Taking into account 71 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of fees.
An example of a Freehold Enfranchisement decision for a Cowley residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired lease term was 69 years.