It’s an underpublicised truth that a Crawcrook residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Crawcrook property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under 80 years - otherwise a higher amount will be payable. The majority of flat owners in Crawcrook will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Crawcrook can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 a wealth of experience procuring Crawcrook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jacob was the the leasehold owner of a studio flat in Crawcrook being sold with a lease of just over fifty eight years unexpired. Jacob informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jacob to exercise his statutory right. Jacob obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
Last month we were contacted by Mr and Mrs. A Williams , who acquired a purpose-built flat in Crawcrook in July 2005. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Identical properties in Crawcrook with an extended lease were worth £210,000. The average ground rent payable was £50 billed monthly. The lease lapsed in 2106. Having 80 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.
In 2011 we were called by Ms O Ramírez who, having completed a basement flat in Crawcrook in March 2000. We are asked if we could estimate the premium could be to extend the lease by ninety years. Comparable homes in Crawcrook with a long lease were in the region of £275,000. The mid-range ground rent payable was £45 billed annually. The lease ran out on 11 September 2095. Considering the 69 years outstanding we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.