Fowey leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Fowey residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Fowey you must investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Fowey leaseholder with a lease having around 80 years unexpired should take action to ensure that a lease extension is effected without delay
Leasehold residencies in Fowey with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Fowey can be a difficult process. We recommend you procure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 procuring Fowey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kyle owned a 2 bedroom apartment in Fowey on the market with a lease of fraction over fifty eight years outstanding. Kyle on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Kyle to invoke his statutory right. Kyle procured expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the property.
Last Summer we were e-mailed by Mrs O González , who completed a garden flat in Fowey in June 2010. The question was if we could approximate the premium could be to prolong the lease by 90 years. Similar residencies in Fowey with a long lease were worth £210,600. The mid-range ground rent payable was £45 collected every twelve months. The lease lapsed on 18 March 2088. Considering the 62 years unexpired we estimated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of legals.
Mr and Mrs. V Wilson purchased a newly refurbished flat in Fowey in August 2006. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparable premises in Fowey with 100 year plus lease were valued about £265,000. The average amount of ground rent was £50 billed per annum. The lease lapsed on 20 January 2099. Taking into account 73 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.