With a domestic leasehold premises in St Ives, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are less than 80 years remaining. Residents in St Ives with a lease drawing near to 81 years left should seriously think of extending it without delay. When a lease has under 80 years left, under the relevant Act the landlord can calculate and charge a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
Leasehold properties in St Ives with in excess of one hundred years unexpired 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 purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in St Ives can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.
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 St Ives lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Harry, came perilously close to the 80-year threshold with the lease on his one bedroom apartment in St Ives. Having purchased his flat two decades ago, the unexpired term was of minimal relevance. Luckily, he realised he needed to take steps soon on a lease extension. Harry extended the lease just under the wire last May. Harry and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If he failed to meet the deadline, the premium would have increased by at least £1,075.
Dr J Richardson moved into a one bedroom flat in St Ives in June 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparative flats in St Ives with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £55 billed quarterly. The lease ended in 2102. Considering the 76 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.
Dr Lily Young completed a garden flat in St Ives in September 2005. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar flats in St Ives with an extended lease were valued around £176,200. The average ground rent payable was £65 collected annually. The lease came to a finish on 22 March 2082. Having 56 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 not including professional charges.