Top reasons for Newton Abbot lease extension

Why you should commence your Newton Abbot lease extension today:

Increase your lease and increase your Newton Abbot property value

Newton Abbot leases on domestic properties are gradually losing value. if your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Newton Abbot will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain cases 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 conveyancing solicitor during the process.

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

It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not grant a mortgage on a short lease

Mortgage companies will not grant a mortgage on short residential leases. You most probably encounter problems if you wish to sell your flat in Newton Abbot if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have varying requirements but on the whole they are looking for a minimum remaining lease term of 65 years.

Get in touch with one of our Newton Abbot lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Newton Abbot 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 conveyancing solicitor we work with provide it.

Newton Abbot Lease Extension Example Cases:

Amelia, Newton Abbot, Devon,

Trailing protracted correspondence with the freeholder of her purpose-built flat in Newton Abbot, Amelia initiated the lease extension process as the eighty year deadline was swiftly coming. The transaction was concluded in September 2008. The freeholder’s charges were kept to an absolute minimum.

Newton Abbot case:

Last Winter we were phoned by Mr and Mrs. E Lewis , who bought a purpose-built apartment in Newton Abbot in July 2003. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical premises in Newton Abbot with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 collected every twelve months. The lease ended on 18 March 2105. Having 79 years unexpired we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus legals.

Newton Abbot case:

Last Winter we were phoned by Mrs Kate Clark , who owned a purpose-built flat in Newton Abbot in September 2001. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Identical properties in Newton Abbot with an extended lease were worth £193,400. The average amount of ground rent was £65 billed per annum. The lease came to a finish on 19 February 2085. Considering the 59 years remaining we estimated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including fees.