There is no doubt about it a leasehold property in Launceston is a wasting asset as a result of the shortening lease. Where the residual term has, beyond 100 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease sooner than later. Many flat owners in Launceston will qualify for this right; nevertheless a lawyer can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Launceston can be a difficult process. We recommend you procure professional help from a lawyer 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 a wealth of experience dealing with Launceston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca was the the leasehold proprietor of a conversion apartment in Launceston on the market with a lease of a few days over 61 years outstanding. Luca on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Luca to exercise his statutory right. Luca obtained expert advice and secured an acceptable resolution without resorting to tribunal and sell the flat.
Ms Leah Girard bought a newly refurbished apartment in Launceston in May 2002. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar premises in Launceston with 100 year plus lease were valued about £166,800. The mid-range amount of ground rent was £50 invoiced per annum. The lease terminated in 2076. Considering the 50 years left we calculated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including professional charges.
Mr and Mrs. K Rivera took over the lease of a studio apartment in Launceston in October 2006. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Similar residencies in Launceston with a long lease were valued about £280,000. The average amount of ground rent was £45 collected every twelve months. The lease concluded on 28 June 2096. Considering the 70 years unexpired we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.