Top reasons for Exmouth lease extension

Top reasons for lease extension now:

Increase your lease and increase your Exmouth property value

Exmouth leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Exmouth tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Exmouth you would be well advised to investigate if your lease has between seventy and ninety years left. There are good reasons why a Exmouth flat owner with a lease having around eighty years unexpired should take steps to make sure that a lease extension is put in place without delay

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend with a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties if you need to sell your flat in Exmouth if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Exmouth?

Lease extensions in Exmouth can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 procuring Exmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Exmouth Lease Extension Example Cases:

Gemma, Exmouth, Devon,

In the wake of 9 months of unsuccessful correspondence with the freeholder of her first floor flat in Exmouth, Gemma initiated the lease extension process just as the lease was nearing the all-important eighty-year deadline. The transaction completed in May 2007. The freeholder’s charges were kept to an absolute minimum.

Exmouth case:

In 2012 we were e-mailed by Mr Alfie Rose who, having was assigned a lease of a ground floor flat in Exmouth in September 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Identical properties in Exmouth with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease lapsed in 2097. Given that there were 71 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.

Exmouth case:

Mr K Wright took over the lease of a basement apartment in Exmouth in February 2003. The question was if we could approximate the premium would likely be for a 90 year lease extension. Comparable properties in Exmouth with an extended lease were valued around £254,200. The average ground rent payable was £60 invoiced annually. The lease terminated in 2077. Given that there were 51 years outstanding we calculated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 not including legals.