The re-sale value of a leasehold property in Port Isaac depends on how long the lease has remaining. If it is near to or fewer than 80 years you should foresee difficulties on re-sale, so it is recommended to arrange for the lease to be extended ahead of purchasing. It is preferable to commence the lease extension process when the lease still has 82 years remaining so that formalities can be addressed prior to the eighty year mark. Leasehold Reform legislation entitles Port Isaac qualifying lessees to an additional term of ninety years in addition to the existing term, at a nominal rent (no ground rent). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold residencies in Port Isaac with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Port Isaac can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 procuring Port Isaac lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Noah, came perilously close to the eighty-year mark with the lease on his first floor apartment in Port Isaac. Having bought his property two decades ago, the unexpired term was of no significance. Luckily, he recognised he needed to take steps soon on Extending the lease. Noah extended the lease at the eleventh hour last May. Noah and the landlord who owned the flat above ultimately agreed on an amount of £5,000 . If the lease had dropped below eighty years, the figure would have gone up by a minimum £900.
Last Summer we were e-mailed by Mr K Morel , who moved into a recently refurbished apartment in Port Isaac in March 1996. The question was if we could approximate the price would be for a 90 year extension to my lease. Comparative premises in Port Isaac with a long lease were valued around £240,600. The mid-range ground rent payable was £60 billed annually. The lease ended on 8 October 2088. Given that there were 62 years unexpired we approximated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including fees.
Ms Yasmin Stewart acquired a garden apartment in Port Isaac in February 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar properties in Port Isaac with an extended lease were valued around £174,200. The average ground rent payable was £55 billed annually. The lease finished on 8 July 2077. Having 51 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.