Why you should start your Boscastle lease extension

Main reasons to commence your Boscastle lease extension today:

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

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

Boscastle property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering a number of flats in Boscastle were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

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

The conveyancing solicitors that we work with procure Boscastle 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.

Boscastle Lease Extension Case Studies:

Nathan, Boscastle, Cornwall

During the course of the last few months Nathan, started to get close to the eighty-year mark with the lease on his first floor apartment in Boscastle. In buying his home two decades ago, the unexpired term was of no importance. As luck would have it, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Nathan arranged for a lease extension just ahead of time last June. Nathan and the landlord in the end agreed on sum of £6,000 . If the lease had fallen to less than eighty years, the premium would have become more costly by a minimum £1,100.

Boscastle case:

In 2013 we were called by Mr R Bennett who, having acquired a ground floor flat in Boscastle in July 2012. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparative properties in Boscastle with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected annually. The lease elapsed in 2099. Given that there were 73 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Boscastle case:

In 2013 we were called by Mrs G Martinez who, having completed a ground floor flat in Boscastle in February 2003. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparable premises in Boscastle with an extended lease were worth £240,600. The average amount of ground rent was £65 collected annually. The lease elapsed on 15 February 2088. Given that there were 62 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 not including fees.