Main reasons to start your Lynton lease extension

Why you should commence your Lynton lease extension today:

Increase your lease and increase your Lynton property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Lynton. Inevitably, the length of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the property needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Eligible long lease owners in Lynton have the right to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. You should give careful attention before delaying your Lynton lease extension. Holding off the cost now simply increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold premises in Lynton with in excess of one hundred years left 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend on a short lease

Mortgage companies are inclined not lend on short residential leases. You most probably experience problems if you wish to sell your flat in Lynton if the unexpired term of your lease is less than the criteria set by most lenders. Different mortgage companies have different requirements but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Lynton?

The lawyers that we work with procure Lynton 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 conveyancer we work with provide it.

Lynton Lease Extension Example Cases:

Alexandra, Lynton, Devon,

Trailing protracted negotiations with the landlord of her basement apartment in Lynton, Alexandra commenced the lease extension process as the 80 year threshold was rapidly nearing. The legal work was finalised in October 2006. The landlord’s fees were kept to an absolute minimum.

Lynton case:

Last Christmas we were approach by Dr Erin González , who moved into a one bedroom flat in Lynton in March 2010. We are asked if we could approximate the price would be to prolong the lease by an additional years. Similar properties in Lynton with 100 year plus lease were worth £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease ran out on 25 April 2091. Taking into account 65 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including expenses.

Lynton case:

In 2011 we were phoned by Dr Luca Brown who, having took over the lease of a first floor apartment in Lynton in June 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Similar flats in Lynton with an extended lease were worth £191,400. The average ground rent payable was £55 collected yearly. The lease concluded in 2080. Taking into account 54 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 plus fees.