Why you should commence your Lynmouth lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lynmouth property value

Lynmouth 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. The majority of owners of residential leasehold property in Lynmouth enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Lynmouth you would be well advised to see if your lease has between seventy and ninety years remaining. There are good reasons why a Lynmouth flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not issue a mortgage on 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 get nervous at around 75 years. This may be problematic once you need to sell or refinance your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your purchaser must wait two years before they can commence the legal procedures for an extension to the lease.

Why use us for your lease extension in Lynmouth?

The conveyancing solicitors that we work with handle Lynmouth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Lynmouth Lease Extension Case Summaries:

Tyler, Lynmouth, Devon,

Tyler was the the leasehold proprietor of a 2 bedroom flat in Lynmouth being sold with a lease of a little over 59 years left. Tyler on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be due on a lease extension were Tyler to exercise his statutory right. Tyler procured expert legal guidance and secured satisfactory resolution without going to tribunal and ending up with a market value flat.

Lynmouth case:

Last year we were approach by Dr Caitlin White , who acquired a first floor apartment in Lynmouth in June 1999. The question was if we could approximate the price would be to prolong the lease by an additional years. Comparative flats in Lynmouth with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 billed quarterly. The lease end date was in 2097. Considering the 71 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.

Lynmouth case:

In 2013 we were phoned by Dr Aarav Walker who, having owned a basement apartment in Lynmouth in June 1999. The question was if we could approximate the price would be for a 90 year extension to my lease. Comparable flats in Lynmouth with a long lease were worth £254,200. The average ground rent payable was £60 billed every twelve months. The lease came to a finish on 7 February 2077. Considering the 51 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 not including legals.