Lynmouth Lease Extension - Free Consultation

Before you progress with your lease extension in Lynmouth
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Lynmouth lease extension


Top reasons for lease extension now:

Increase your lease and increase your Lynmouth property value

For anyone whose Lynmouth home is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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

Leasehold properties in Lynmouth with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not loan monies on a short lease

Banks and building societies are really clamping down as regards to properties in Lynmouth with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the amount of potential purchasers.

Lender Requirement
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.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

What makes us experts in Lynmouth lease extensions?

Retaining our service gives you enhanced control over the value of your Lynmouth leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Lynmouth Lease Extension Example Cases:

Daisy, Lynmouth, Devon,

Following unsuccessful discussions with the landlord of her garden flat in Lynmouth, Daisy initiated the lease extension process just as the lease was coming close to the all-important 80-year mark. The lease extension completed in April 2007. The landlord’s fees were kept to an absolute minimum.

Lynmouth case:

In 2013 we were approached by Mr and Mrs. D Howard who, having completed a ground floor flat in Lynmouth in September 2011. We are asked if we could estimate the price would be for a 90 year lease extension. Identical homes in Lynmouth with a long lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced annually. The lease concluded in 2095. Taking into account 70 years outstanding we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.

Lynmouth case:

In 2010 we were contacted by Dr U Dupont who, having owned a one bedroom apartment in Lynmouth in July 1996. The question was if we could estimate the price could be to extend the lease by ninety years. Comparative flats in Lynmouth with 100 year plus lease were in the region of £246,800. The average amount of ground rent was £60 billed per annum. The lease terminated in 2075. Considering the 50 years left we estimated the premium to the landlord for the lease extension to be between £44,700 and £51,600 plus legals.