Main reasons to start your Buckfastleigh lease extension

Top reasons for lease extension now:

Increase your lease and increase your Buckfastleigh property value

The closer a residential lease in Buckfastleigh nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, in excess of one hundred years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Buckfastleigh will qualify for this right; however a conveyancer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not finance a property with a short lease

The propensity since over the last decade has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Buckfastleigh lease extensions?

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

Buckfastleigh Lease Extension Case Summaries:

Lauren, Buckfastleigh, Devon,

In the wake of eight months of unsuccessful negotiations with the freeholder of her one bedroom flat in Buckfastleigh, Lauren started the lease extension process as the 80 year mark was quickly advancing. The legal work completed in July 2014. The landlord’s costs were restricted to less than 650 GBP.

Buckfastleigh case:

In 2014 we were contacted by Dr A White who, having moved into a ground floor flat in Buckfastleigh in August 2007. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Similar premises in Buckfastleigh with an extended lease were valued about £208,600. The mid-range amount of ground rent was £60 billed monthly. The lease finished on 17 February 2082. Taking into account 57 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of legals.

Buckfastleigh case:

Last Summer we were approach by Mr S Rivera , who moved into a one bedroom flat in Buckfastleigh in August 1995. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Similar premises in Buckfastleigh with an extended lease were valued about £200,000. The mid-range ground rent payable was £50 collected per annum. The lease concluded in 2102. Having 77 years outstanding we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.