Main reasons to commence your Buckfastleigh lease extension

Top reasons for lease extension now:

Increase your lease and increase your Buckfastleigh property value

Buckfastleigh leases on domestic deteriorating in value. if your lease has approximately ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Buckfastleigh will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain situations you may not be entitled. There are also strict deadlines and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.

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

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

Lending institutions may not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This may cause difficulties when you come to market or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an immediate desire to sell but when you do your purchaser must hold off for a couple of years before being able to initiate the legal procedures for a lease extension.

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

The conveyancing solicitors that we work with procure Buckfastleigh 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.

Buckfastleigh Lease Extension Example Cases:

Muhammad, Buckfastleigh, Devon

Last Autumn Muhammad, came seriously near to the 80-year mark with the lease on his leasehold apartment in Buckfastleigh. Having purchased his home two decades ago, the unexpired term was of no bearing. As luck would have it, it dawned on him that he needed to take action soon on a lease extension. Muhammad extended the lease just in the nick of time last April. Muhammad and the landlord subsequently agreed on the final figure of £6,000 . If the lease had gone below eighty years, the amount would have increased by at least £1,100.

Buckfastleigh case:

Mr N Richardson purchased a ground floor apartment in Buckfastleigh in July 2004. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar properties in Buckfastleigh with a long lease were valued around £225,800. The mid-range amount of ground rent was £60 billed yearly. The lease finished in 2086. Taking into account 60 years left we calculated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 plus professional charges.

Buckfastleigh case:

In 2010 we were e-mailed by Mr and Mrs. I Brooks who, having owned a purpose-built flat in Buckfastleigh in June 1996. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical properties in Buckfastleigh with 100 year plus lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease finished in 2106. Considering the 80 years unexpired we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.