Main reasons to commence your Helston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Helston property value

Helston leases on residential deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the current lease falls under 80 years - otherwise a higher premium will be payable. Leasehold owners in Helston will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In certain situations you may not qualify. There are also strict deadlines and steps to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.

Helston property with a lease extension is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent 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 ahead.

Lending institutions will not issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become jittery at around 75 years. This may be problematic as and when you come to dispose of or refinance your flat as it will be effectively unmortgageable. You might have no imminent desire to sell but when you do your buyer will have to hold off for a couple of years before they can commence the legal procedures for an extension to the lease.

What makes us experts in Helston lease extensions?

Regardless of whether you are a tenant or a freeholder in Helston,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Helston valuers.

Helston Lease Extension Case Summaries:

Stephanie, Helston, Cornwall,

Off the back of unsuccessful negotiations with the freeholder of her basement flat in Helston, Stephanie initiated the lease extension process as the 80 year mark was rapidly nearing. The transaction was finalised in June 2005. The freeholder’s fees were restricted to below 550 pounds.

Helston case:

Mr and Mrs. O Hill owned a recently refurbished apartment in Helston in January 2006. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparable premises in Helston with an extended lease were worth £210,000. The average ground rent payable was £50 collected yearly. The lease ended on 8 September 2106. Having 80 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.

Helston case:

In 2009 we were e-mailed by Dr E Clarke who, having took over the lease of a newly refurbished apartment in Helston in July 1995. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparative residencies in Helston with a long lease were valued around £280,000. The average ground rent payable was £45 invoiced every twelve months. The lease expired in 2095. Given that there were 69 years remaining we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.