Why you should commence your Bovey Tracey lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bovey Tracey property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Bovey Tracey may extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Bovey Tracey lease extension. Postponing that expense now simply escalates the premium you will eventually have to pay for a lease extension.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not grant a mortgage on a short lease

Most mortgage lenders insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone wishing to buy your property in the future might well do, so if they are not able to get a mortgage, then the value of your property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Bovey Tracey lease extensions?

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

Bovey Tracey Lease Extension Case Summaries:

Hollie, Bovey Tracey, Devon,

Off the back of unsuccessful negotiations with the landlord of her first floor flat in Bovey Tracey, Hollie started the lease extension process as the 80 year threshold was quickly approaching. The lease extension was finalised in November 2014. The freeholder’s costs were restricted to about 700 GBP.

Bovey Tracey case:

Last Winter we were approach by Dr O Lefebvre , who purchased a one bedroom apartment in Bovey Tracey in February 1996. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative homes in Bovey Tracey with a long lease were in the region of £250,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease terminated on 26 September 2095. Given that there were 69 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.

Bovey Tracey case:

Mr and Mrs. J Jones acquired a recently refurbished apartment in Bovey Tracey in January 1996. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparative homes in Bovey Tracey with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced yearly. The lease ended in 2106. Given that there were 80 years outstanding we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus legals.