Why you should commence your Bovey Tracey lease extension

Main reasons to start your Bovey Tracey lease extension today:

Increase your lease and increase your Bovey Tracey property value

Bovey Tracey leases on domestic deteriorating in value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Bovey Tracey will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and steps to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.

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

Leasehold residencies in Bovey Tracey with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

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

Lenders are inclined not lend on short residential leases. You are likely to experience problems if you want to sell your flat in Bovey Tracey if the unexpired term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have different requirements but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Bovey Tracey?

Lease extensions in Bovey Tracey can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Bovey Tracey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bovey Tracey Lease Extension Case Studies:

Courtney, Bovey Tracey, Devon,

Off the back of lengthy discussions with the freeholder of her one bedroom apartment in Bovey Tracey, Courtney commenced the lease extension process just as the lease was nearing the crucial eighty-year threshold. The transaction was concluded in June 2010. The landlord’s fees were kept to an absolute minimum.

Bovey Tracey case:

Dr S Khan completed a garden flat in Bovey Tracey in March 1995. The dilemma was if we could approximate the price would likely be to prolong the lease by 90 years. Comparable residencies in Bovey Tracey with 100 year plus lease were in the region of £265,000. The average ground rent payable was £50 billed monthly. The lease lapsed on 8 October 2099. Having 73 years left we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.

Bovey Tracey case:

Last May we were phoned by Mrs C Martinez , who moved into a garden apartment in Bovey Tracey in July 2001. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative residencies in Bovey Tracey with an extended lease were valued about £264,000. The average amount of ground rent was £60 collected every twelve months. The lease terminated in 2079. Given that there were 53 years remaining we calculated the premium to the landlord to extend the lease to be between £37,100 and £42,800 plus fees.