Main reasons to start your Penryn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Penryn property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Penryn can extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Penryn lease extension. Putting off that expense today simply escalates the price you will ultimately have to pay for a lease extension.

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

Leasehold properties in Penryn with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not issue a mortgage with a short lease

Nearly all mortgage companies require a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Penryn lease extensions?

The conveyancers that we work with undertake Penryn 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 lawyer we work with provide it.

Penryn Lease Extension Example Cases:

Jamie, Penryn, Cornwall

Half a year ago Jamie, came critically close to the 80-year mark with the lease on his first floor flat in Penryn. Having bought his home twenty years previously, the length of the lease was of little significance. by good luck, he recognised he would soon be paying an escalated premium for a lease extension. Jamie extended the lease at the eleventh hour last April. Jamie and the landlord who owned the flat above subsequently agreed on an amount of £5,500 . If the lease had gone below eighty years, the figure would have escalated by a minimum £1,000.

Penryn case:

Last Christmas we were called by Mr Jackson André , who completed a recently refurbished apartment in Penryn in September 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative properties in Penryn with a long lease were valued about £256,600. The average amount of ground rent was £60 billed quarterly. The lease elapsed in 2078. Taking into account 52 years outstanding we approximated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 plus fees.

Penryn case:

Last Winter we were phoned by Mrs S Norbert , who took over the lease of a garden apartment in Penryn in February 1998. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Comparable residencies in Penryn with 100 year plus lease were in the region of £218,000. The average ground rent payable was £45 collected every twelve months. The lease expiry date was on 26 June 2089. Taking into account 63 years remaining we approximated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 exclusive of professional charges.