Newton Abbot Lease Extension - Free Consultation

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Top reasons for Newton Abbot lease extension

Top reasons for lease extension now:

A Newton Abbot leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Newton Abbot you actually own a long leasehold interest over your property

Newton Abbot 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 same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not grant a mortgage on a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be aware that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so if they are not able to obtain a mortgage, then the value of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
Yorkshire 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.

Why use us for your lease extension in Newton Abbot?

Irrespective of whether you are a tenant or a landlord in Newton Abbot,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Newton Abbot valuers.

Newton Abbot Lease Extension Case Studies:

Connor, Newton Abbot, Devon

Two years ago Connor, came perilously close to the eighty-year mark with the lease on his two bedroom apartment in Newton Abbot. Having bought his flat 19 years ago, the lease term was of no interest. Fortunately, he became aware that he would imminently be paying an escalated premium for a lease extension. Connor extended the lease at the eleventh hour in June. Connor and the freeholder ultimately agreed on an amount of £6,000 . If the lease had gone lower than eighty years, the price would have escalated by at least £1,050.

Newton Abbot case:

In 2014 we were approached by Mr and Mrs. W Flores who, having owned a recently refurbished apartment in Newton Abbot in August 2002. We are asked if we could approximate the price would likely be to prolong the lease by 90 years. Identical residencies in Newton Abbot with an extended lease were in the region of £208,200. The average amount of ground rent was £65 billed per annum. The lease expired in 2087. Having 61 years remaining we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus expenses.

Newton Abbot case:

In 2013 we were approached by Mrs Chantelle Clark who, having was assigned a lease of a basement flat in Newton Abbot in June 2005. We are asked if we could estimate the price could be to extend the lease by an additional years. Similar residencies in Newton Abbot with 100 year plus lease were valued about £260,000. The mid-range ground rent payable was £50 billed quarterly. The lease ended on 17 May 2098. Having 72 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.