Chances are that if you own a flat in Marazion you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Marazion,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Marazion valuers.
Jacob was the the leasehold owner of a high value apartment in Marazion on the market with a lease of a little over 61 years outstanding. Jacob informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Jacob to invoke his statutory right. Jacob obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.
In 2010 we were e-mailed by Mr and Mrs. F Davies who, having bought a one bedroom apartment in Marazion in April 2005. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable homes in Marazion with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 billed every twelve months. The lease came to a finish in 2096. Having 70 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.
Ms I Morgan moved into a ground floor apartment in Marazion in September 2005. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparable residencies in Marazion with 100 year plus lease were valued about £246,800. The average amount of ground rent was £60 invoiced quarterly. The lease lapsed in 2076. Having 50 years outstanding we calculated the premium to the freeholder for the lease extension to be within £44,700 and £51,600 exclusive of costs.