Cwmcarn leases on domestic deteriorating in value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Cwmcarn will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Using our service gives you enhanced control over the value of your Cwmcarn leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Jack was the the leasehold owner of a high value apartment in Cwmcarn on the market with a lease of a few days over fifty eight years outstanding. Jack on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jack to invoke his statutory right. Jack procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
In 2010 we were e-mailed by Mrs Rebecca Michel who, having acquired a studio apartment in Cwmcarn in March 1996. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable properties in Cwmcarn with 100 year plus lease were worth £189,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease finished on 23 January 2079. Having 53 years left we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.
Last year we were contacted by Mrs Ellie Green , who was assigned a lease of a garden flat in Cwmcarn in April 2002. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparative premises in Cwmcarn with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 invoiced monthly. The lease terminated on 26 September 2099. Considering the 73 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.