Stop! Your Lease Extension in Falmouth Could Be FREE

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Many leaseholders in Falmouth are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Falmouth has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Falmouth lease extension

Why you should start your Falmouth lease extension today:

Increase your lease and increase your Falmouth property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Falmouth. Clearly, the period of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Falmouth have the legal entitlement to extend the lease for an additional 90 years under statute. Please give careful attention before putting off your Falmouth lease extension. Putting off that expense now simply increases the price you will eventually incur for a lease extension

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not loan monies with a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in Falmouth if the remaining lease term is below the criteria set by the majority of lenders. Different mortgage companies have different criteria but generally theyrequire an unexpired term of at least 65 years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Falmouth?

Regardless of whether you are a tenant or a landlord in Falmouth,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Falmouth valuers.

Falmouth Lease Extension Example Cases:

Stanley, Falmouth, Cornwall

Last October Stanley, came critically near to the 80-year mark with the lease on his purpose- built apartment in Falmouth. Having purchased his flat 19 years ago, the length of the lease was of little significance. by good luck, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Stanley extended the lease just under the wire last September. Stanley and the landlord subsequently agreed on sum of £6,000 . If the lease had dipped lower than eighty years, the price would have gone up by at least £1,100.

Falmouth case:

Dr Jodie Taylor moved into a first floor flat in Falmouth in July 2006. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparable premises in Falmouth with an extended lease were valued about £183,600. The mid-range amount of ground rent was £65 billed annually. The lease elapsed in 2083. Given that there were 57 years left we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus costs.

Falmouth case:

In 2014 we were approached by Dr L Thompson who, having owned a garden apartment in Falmouth in March 1996. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Similar flats in Falmouth with a long lease were worth £250,000. The average amount of ground rent was £50 billed quarterly. The lease ended on 20 May 2094. Considering the 68 years unexpired we approximated the compensation to the landlord to extend the lease to be between £10,500 and £12,000 plus professional charges.