Main reasons to start your Beaworthy lease extension

Why you should commence your Beaworthy lease extension today:

Increase your lease and increase your Beaworthy property value

Beaworthy residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

Leasehold premises in Beaworthy with in excess of one hundred years left 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 property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not loan monies with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be deficient security.

Why use us for your lease extension in Beaworthy?

Using our service will provide you increased control over the value of your Beaworthy leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Beaworthy Lease Extension Case Studies:

Imogen, Beaworthy, Devon,

Following lengthy correspondence with the landlord of her basement apartment in Beaworthy, Imogen commenced the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension completed in April 2007. The freeholder’s charges were kept to an absolute minimum.

Beaworthy case:

Mr Jamie Allen owned a recently refurbished apartment in Beaworthy in August 2008. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Comparable properties in Beaworthy with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 collected per annum. The lease ended in 2101. Having 75 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Beaworthy case:

Last Spring we were contacted by Mr and Mrs. P Miller , who took over the lease of a newly refurbished flat in Beaworthy in March 1997. The question was if we could approximate the price could be for a 90 year extension to my lease. Identical residencies in Beaworthy with an extended lease were valued about £173,800. The mid-range amount of ground rent was £60 billed per annum. The lease elapsed in 2081. Having 55 years as a residual term we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus legals.