The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Newquay may extend the lease for a further ninety years in accordance with statute. Do give careful consideration before delaying your Newquay lease extension. Putting off that expense today simply escalates the amount you will eventually have to pay to extend the lease.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with handle Newquay 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 conveyancing solicitor we work with provide it.
After unsuccessful discussions with the freeholder of her leasehold apartment in Newquay, Emily started the lease extension process just as her lease was nearing the critical 80-year deadline. The legal work completed in September 2007. The landlord’s costs were negotiated to approximately 600 pounds.
Mr and Mrs. H Gómez moved into a first floor flat in Newquay in August 2009. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative residencies in Newquay with a long lease were valued around £184,000. The average ground rent payable was £55 collected annually. The lease finished on 20 November 2079. Having 53 years outstanding we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 not including professional charges.
In 2010 we were contacted by Dr G Martínez who, having was assigned a lease of a purpose-built flat in Newquay in March 2000. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative homes in Newquay with 100 year plus lease were valued about £290,000. The average ground rent payable was £45 collected per annum. The lease ran out in 2099. Taking into account 73 years left we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including costs.