Top reasons for Axminster lease extension

Main reasons to commence your Axminster lease extension today:

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

Axminster leases on domestic deteriorating in value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Axminster will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and formalities to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Axminster with more than one hundred 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 premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to finance a property on a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Axminster property becoming difficult to sell or refinance.

Why use us for your lease extension in Axminster?

Engaging our service gives you increased control over the value of your Axminster leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Axminster Lease Extension Case Studies:

David, Axminster, Devon

Last year David, started to get close to the 80-year mark with the lease on his one bedroom flat in Axminster. Having purchased his property twenty years ago, the unexpired term was of no bearing. As luck would have it, he recognised he needed to take action soon on a lease extension. David was able to extend his lease at the eleventh hour in April. David and the landlord ultimately settled on the final figure of £5,500 . If the lease had gone below 80 years, the premium would have gone up by at least £1,050.

Axminster case:

Last month we were e-mailed by Dr C Gunderson , who purchased a first floor apartment in Axminster in March 2000. The question was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative properties in Axminster with an extended lease were valued around £290,000. The average amount of ground rent was £45 collected per annum. The lease concluded in 2099. Having 73 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.

Axminster case:

Last Spring we were phoned by Mrs M Thompson , who acquired a studio apartment in Axminster in March 1999. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Identical premises in Axminster with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £60 invoiced every twelve months. The lease expired on 13 July 2088. Taking into account 62 years left we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus professional charges.