The only way is down when it comes to Cranbrook lease terms. Cranbrook properties that have a remaining term shorter than 80 years will drop in market price at a rapid rate, and the cost to extend your lease will rise.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB |
The lawyers that we work with undertake Cranbrook lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Joshua owned a studio apartment in Cranbrook on the market with a lease of a little over 59 years outstanding. Joshua on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Joshua to exercise his statutory right. Joshua procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Dr Alexander Watson owned a basement apartment in Cranbrook in May 2000. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparative properties in Cranbrook with a long lease were in the region of £225,800. The average amount of ground rent was £60 billed quarterly. The lease lapsed in 2086. Given that there were 60 years remaining we calculated the compensation to the landlord to extend the lease to be between £25,700 and £29,600 exclusive of professional charges.
Mr and Mrs. N Khan moved into a one bedroom apartment in Cranbrook in September 2009. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar flats in Cranbrook with a long lease were worth £210,000. The average ground rent payable was £50 billed monthly. The lease finished on 10 January 2106. Considering the 80 years as a residual term we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.