When it comes to long leasehold premises in Hayle, you are actually purchasing a right to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Residents in Hayle with a lease approaching 81 years unexpired should seriously think of extending it without delay. Once the lease term has under 80 years outstanding, under the relevant statute the landlord can calculate and demand a greater amount, assessed on a technical calculation, known as “marriage value” which is due.
It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Santander | |
| TSB | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with procure Hayle 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 lawyer we work with provide it.
Half a year ago Harrison, came precariously close to the eighty-year threshold with the lease on his first floor apartment in Hayle. In buying his flat two decades ago, the length of the lease was of little relevance. Thankfully, he noticed he needed to take steps soon on a lease extension. Harrison arranged for a lease extension just ahead of time last May. Harrison and the freeholder via the managing agents eventually settled on an amount of £5,500 . If the lease had descended lower than 80 years, the premium would have increased by at least £1,025.
Last month we were called by Dr C Roberts , who purchased a one bedroom apartment in Hayle in September 2004. The question was if we could approximate the price could be to prolong the lease by an additional years. Comparable homes in Hayle with an extended lease were worth £275,000. The average amount of ground rent was £55 billed every twelve months. The lease expiry date was on 18 September 2102. Considering the 76 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.
Last Autumn we were e-mailed by Mr and Mrs. J Cox , who bought a garden apartment in Hayle in March 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable residencies in Hayle with a long lease were worth £176,200. The average ground rent payable was £65 collected quarterly. The lease expired on 1 February 2082. Taking into account 56 years outstanding we calculated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 exclusive of costs.