Top reasons for Beaworthy lease extension

Top reasons for lease extension now:

A Beaworthy lease depreciates with the years remaining on the lease.

For anyone whose Beaworthy property is held on a long lease, the message is clear – if nothing is done, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Considering plenty of flats in Beaworthy were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Beaworthy lease extensions?

Lease extensions in Beaworthy can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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 Beaworthy lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beaworthy Lease Extension Example Cases:

Jennifer, Beaworthy, Devon,

Subsequent to unsuccessful discussions with the freeholder of her first floor apartment in Beaworthy, Jennifer commenced the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction completed in September 2013. The freeholder’s costs were kept to an absolute minimum.

Beaworthy case:

Last year we were phoned by Mr R Simon , who was assigned a lease of a ground floor apartment in Beaworthy in November 2011. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Identical premises in Beaworthy with an extended lease were valued about £260,000. The average ground rent payable was £50 collected per annum. The lease ran out in 2097. Having 71 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.

Beaworthy case:

Mr Y James took over the lease of a purpose-built apartment in Beaworthy in August 2010. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Identical residencies in Beaworthy with a long lease were worth £254,200. The average amount of ground rent was £60 billed quarterly. The lease finished in 2077. Having 51 years unexpired we approximated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of professional charges.