Main reasons to start your Plymstock lease extension

Why you should commence your Plymstock lease extension today:

A Plymstock leasehold property depreciates with the years remaining on the lease.

The value of Plymstock leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is less than eighty years

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of your property could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Plymstock?

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

Plymstock Lease Extension Example Cases:

Stanley, Plymstock, Devon

Two years ago Stanley, started to get near to the eighty-year threshold with the lease on his garden flat in Plymstock. In buying his property two decades ago, the lease term was of little importance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Stanley arranged for a lease extension just in the nick of time last March. Stanley and the landlord who owned the flat above subsequently settled on the final figure of £5,000 . If the lease had dropped below eighty years, the price would have escalated by at least £850.

Plymstock case:

Dr Evan Bailey bought a one bedroom apartment in Plymstock in July 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Similar premises in Plymstock with a long lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced annually. The lease lapsed in 2096. Considering the 70 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.

Plymstock case:

Last September we were approach by Mr Zachary Díaz , who acquired a first floor apartment in Plymstock in April 1999. The question was if we could approximate the price would be to prolong the lease by ninety years. Similar flats in Plymstock with 100 year plus lease were worth £223,400. The average amount of ground rent was £60 collected annually. The lease lapsed on 3 September 2085. Taking into account 59 years outstanding we estimated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 not including professional charges.