Top reasons for Callington lease extension

Why you should commence your Callington lease extension today:

Increase your lease and increase your Callington property value

Callington residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

Most mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be mindful that it is probable that someone wishing to buy your property in the future might well do, so in the event that they can't get a mortgage, then the value of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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

Using our service will provide you increased control over the value of your Callington leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Callington Lease Extension Example Cases:

Owen, Callington, Cornwall

During the course of the last few months Owen, came critically near to the eighty-year threshold with the lease on his studio apartment in Callington. In buying his home 18 years ago, the unexpired term was of little relevance. Thankfully, he recognised he needed to take steps soon on Extending the lease. Owen extended the lease just in the nick of time last January. Owen and the freeholder via the managing agents subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the sum would have increased by a minimum £950.

Callington case:

Last Christmas we were contacted by Mr and Mrs. N White , who acquired a first floor flat in Callington in November 2005. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Comparative residencies in Callington with a long lease were in the region of £280,000. The average amount of ground rent was £45 collected yearly. The lease concluded on 5 November 2096. Given that there were 70 years left we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus costs.

Callington case:

Mr and Mrs. O Richardson completed a first floor flat in Callington in July 1997. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar premises in Callington with 100 year plus lease were in the region of £223,400. The average ground rent payable was £60 billed quarterly. The lease ran out on 14 February 2085. Having 59 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 not including costs.