Main reasons to commence your Lynton lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/lynton">Lynton</a> leasehold property depreciates with the years remaining on the lease.
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Lynton leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher premium will be payable. Leasehold owners in Lynton will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
<h4>Lynton property with a lease extension is almost the same value as a freehold</h4>
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Leasehold properties in Lynton with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it. <h4>Mortgage lenders will not issue a mortgage with a short lease</h4> Banks and Building Societies have specific criteria when lending monies charged on leasehold property. Some will simply refuse lend at all once an unexpired lease term drops beneath a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Lynton home.
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<tr><th>Lender</th>
<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Chelsea Building Society</td>
<td> 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.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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Why use us for your lease extension in Lynton? </h4>
<p> Irrespective of whether you are a tenant or a landlord in Lynton,the lease extension experts 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 Lynton valuers.
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Lynton Lease Extension Example Cases:
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<h5> Lauren, Lynton, Devon,</h5>
<p> Off the back of unsuccessful discussions with the freeholder of her ground floor apartment in Lynton, Lauren started the lease extension process just as her lease was coming close to the critical eighty-year mark. The lease extension was finalised in March 2009. The freeholder’s costs were negotiated to below 450 pounds.
<h5>Lynton case:</h5>
<p> Dr W Jones was assigned a lease of a first floor apartment in Lynton in April 2011. The dilemma was if we could approximate the premium would likely be to prolong the lease by 90 years. Similar flats in Lynton with 100 year plus lease were worth £205,000. The average ground rent payable was £50 billed yearly. The lease end date was on 10 September 2105. Taking into account 79 years remaining we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.
<h5>Lynton case:</h5>
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Last Spring we were contacted by Ms Gemma Peterson , who
bought a recently refurbished apartment in Lynton in February 1996. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable premises in Lynton with a long lease were in the region of £275,000. The mid-range ground rent payable was £65 invoiced annually. The lease end date was in 2094. Having 68 years outstanding we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus expenses.
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