Why you should commence your Bovey Tracey lease extension

Why you should commence your Bovey Tracey lease extension today:

A Bovey Tracey lease depreciates with the years remaining on the lease.

The value of Bovey Tracey leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the remaining term is less than 80 years

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

Leasehold premises in Bovey Tracey with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders may not lend on a short lease

Mortgage companies do not like short residential leases. You most probably experience difficulties where you need to sell your flat in Bovey Tracey if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Bovey Tracey?

The conveyancers that we work with handle Bovey Tracey 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.

Bovey Tracey Lease Extension Case Summaries:

Ashleigh, Bovey Tracey, Devon,

In the wake of eight months of protracted correspondence with the freeholder of her two bedroom apartment in Bovey Tracey, Ashleigh commenced the lease extension process as the eighty year mark was fast coming. The lease extension was finalised in May 2008. The freeholder’s costs were restricted to slightly above six hundred GBP.

Bovey Tracey case:

Last Autumn we were e-mailed by Mr Eli Walker , who took over the lease of a purpose-built flat in Bovey Tracey in October 1999. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative homes in Bovey Tracey with 100 year plus lease were in the region of £210,600. The average amount of ground rent was £45 invoiced quarterly. The lease terminated on 9 June 2088. Given that there were 62 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of professional charges.

Bovey Tracey case:

Last Summer we were e-mailed by Ms Eleanor Bennett , who purchased a one bedroom flat in Bovey Tracey in November 2010. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Comparative premises in Bovey Tracey with 100 year plus lease were worth £265,000. The average ground rent payable was £50 invoiced yearly. The lease elapsed in 2099. Given that there were 73 years left we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.