Top reasons for Buckfastleigh and Dean lease extension

Top reasons for lease extension now:

Increase your lease and increase your Buckfastleigh and Dean property value

Buckfastleigh and Dean leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Buckfastleigh and Dean residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Buckfastleigh and Dean you must check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Buckfastleigh and Dean flat owner with a lease having around eighty years unexpired should take steps to make sure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should be aware that it is likely that someone intending to purchase your property in the future might well do, so where they are not able to get a mortgage, then the market price of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Buckfastleigh and Dean lease extension solicitors or enfranchisement solicitors

Lease extensions in Buckfastleigh and Dean can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 a wealth of experience procuring Buckfastleigh and Dean lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Buckfastleigh and Dean Lease Extension Example Cases:

Alisha, Buckfastleigh and Dean, Devon,

Subsequent to unsuccessful correspondence with the freeholder of her basement apartment in Buckfastleigh and Dean, Alisha commenced the lease extension process as the 80 year threshold was quickly nearing. The lease extension completed in August 2006. The freeholder’s charges were kept to an absolute minimum.

Buckfastleigh and Dean case:

Last Summer we were phoned by Mrs Charlotte Jones , who was assigned a lease of a one bedroom apartment in Buckfastleigh and Dean in April 2012. The question was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Buckfastleigh and Dean with an extended lease were valued around £295,000. The average ground rent payable was £45 billed per annum. The lease ended in 2100. Having 74 years left we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.

Buckfastleigh and Dean case:

Last month we were contacted by Mr and Mrs. P Taylor , who acquired a basement apartment in Buckfastleigh and Dean in April 2002. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar flats in Buckfastleigh and Dean with a long lease were worth £250,400. The mid-range ground rent payable was £65 collected annually. The lease expiry date was on 1 March 2090. Having 64 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus fees.