Top reasons for Paignton lease extension

Why you should start your Paignton lease extension today:

A Paignton lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Paignton you actually own a long leasehold interest over your property

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

Leasehold properties in Paignton with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not loan monies on a short lease

Lenders are making their criteria more stringent and many now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. As many flats in Paignton were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Paignton lease extensions?

The conveyancers that we work with procure Paignton 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.

Paignton Lease Extension Example Cases:

Finn, Paignton, Devon,

Finn owned a 2 bedroom apartment in Paignton being sold with a lease of fraction over 59 years unexpired. Finn informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Finn to exercise his statutory right. Finn obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Paignton case:

Last year we were e-mailed by Dr Jamie Adams , who moved into a recently refurbished apartment in Paignton in June 2005. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative flats in Paignton with an extended lease were valued about £295,000. The mid-range amount of ground rent was £45 invoiced annually. The lease elapsed in 2100. Considering the 74 years left we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.

Paignton case:

Last Summer we were phoned by Ms Kirsty Cook , who was assigned a lease of a ground floor flat in Paignton in March 2000. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Paignton with 100 year plus lease were valued about £243,000. The average amount of ground rent was £65 collected yearly. The lease lapsed on 16 March 2089. Having 63 years remaining we approximated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus costs.