The re-sale value of a leasehold property in St Agnes is impacted by how long the lease has remaining. If it is close to or less than 80 years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension before purchasing. It is ideal to start the lease extension process when a lease still has 82 years remaining so that formalities can be addressed well before the eighty year mark. Statute entitles St Agnes qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). 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 properties in St Agnes with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in St Agnes can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.
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 in-depth market knowledge dealing with St Agnes 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 Jasper, started to get near to the 80-year threshold with the lease on his garden apartment in St Agnes. In buying his flat two decades ago, the length of the lease was of little bearing. Luckily, he became aware that he would imminently be paying an escalated premium for a lease extension. Jasper arranged for a lease extension just under the wire in July. Jasper and the freeholder via the management company in the end agreed on sum of £5,000 . If he had missed the deadline, the premium would have become more costly by a minimum £875.
Last Spring we were called by Mrs K Mason , who acquired a purpose-built flat in St Agnes in April 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Similar properties in St Agnes with 100 year plus lease were valued about £235,200. The mid-range amount of ground rent was £45 collected annually. The lease finished in 2092. Taking into account 66 years remaining we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus legals.
Last Summer we were approach by Dr Megan Clarke , who owned a first floor flat in St Agnes in June 1996. We are asked if we could estimate the price could be to prolong the lease by 90 years. Similar residencies in St Agnes with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease elapsed in 2103. Taking into account 77 years outstanding we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus professional charges.