The 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 a lease extension can escalate materialy once the unexpired lease term is less than 80 years
Leasehold residencies in St Ives with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Birmingham Midshires | |
| TSB | |
| The Mortgage Works |
Using our service gives you enhanced control over the value of your St Ives leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted correspondence with the landlord of her garden flat in St Ives, Daisy commenced the lease extension process as the eighty year mark was quickly nearing. The transaction was concluded in October 2015. The freeholder’s charges were kept to an absolute minimum.
In 2011 we were approached by Dr Logan François who, having bought a basement flat in St Ives in May 2009. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in St Ives with an extended lease were valued around £285,000. The average amount of ground rent was £55 billed every twelve months. The lease concluded in 2106. Considering the 80 years left we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of fees.
Mr and Mrs. I Sánchez owned a newly refurbished apartment in St Ives in February 2010. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparable homes in St Ives with a long lease were valued around £200,800. The average amount of ground rent was £65 invoiced per annum. The lease ended on 14 March 2086. Given that there were 60 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 exclusive of professional charges.