Cullercoats leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Cullercoats residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Cullercoats you really ought to investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Cullercoats,the lease extension lawyers 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 Cullercoats valuers.
After protracted correspondence with the landlord of her purpose-built apartment in Cullercoats, Jodie initiated the lease extension process just as the lease was nearing the critical 80-year deadline. The legal work was concluded in November 2009. The landlord’s charges were restricted to less than six hundred GBP.
Last Spring we were called by Mrs R Lee , who owned a studio apartment in Cullercoats in November 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Cullercoats with 100 year plus lease were worth £216,000. The mid-range ground rent payable was £60 collected per annum. The lease concluded on 7 May 2084. Considering the 58 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.
Ms C Parker took over the lease of a purpose-built flat in Cullercoats in January 1999. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Similar residencies in Cullercoats with a long lease were valued around £205,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease expired on 15 May 2104. Considering the 78 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.