St Ives Lease Extension - Free Consultation

Before you progress with your lease extension in St Ives
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to commence your St Ives lease extension


Top reasons for lease extension now:

A St Ives leasehold property depreciates with the years remaining on the lease.

The market value of St Ives leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is below than 80 years

St Ives property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not lend with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this will result in your St Ives property becoming difficult to sell or refinance.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our St Ives lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in St Ives,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with St Ives valuers.

St Ives Lease Extension Case Studies:

Omar, St Ives, Cornwall,

Omar owned a conversion apartment in St Ives being sold with a lease of a few days over sixty years outstanding. Omar informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Omar to exercise his statutory right. Omar procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

St Ives case:

Last Winter we were contacted by Mrs T Nguyen , who bought a studio apartment in St Ives in June 2009. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative homes in St Ives with 100 year plus lease were in the region of £176,200. The mid-range amount of ground rent was £65 collected quarterly. The lease lapsed in 2081. Having 56 years unexpired we estimated the premium to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of expenses.

St Ives case:

In 2013 we were called by Ms Isabel Clark who, having was assigned a lease of a basement flat in St Ives in April 1999. The question was if we could approximate the premium would likely be for a ninety year lease extension. Identical premises in St Ives with a long lease were valued about £237,600. The mid-range ground rent payable was £45 invoiced per annum. The lease concluded on 6 May 2092. Having 67 years outstanding we calculated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of fees.