Top reasons for Callington lease extension

Why you should start your Callington lease extension today:

Increase your lease and increase your Callington property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Callington. Clearly, the term of lease left reduces as time goes by. This may pass by relatively unnoticed when the flat or house has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Callington have the legal entitlement to extend the lease for a further ninety years under legislation. Do give careful deliberation before delaying your Callington lease extension. Putting off the cost now only increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will be problematic as and when you need to sell or remortgage your property as it will be effectively unmortgageable. Even though you might not have an immediate plan to sell but when you do your buyer will have to wait two years before being able to commence the legal procedures for an extension to the lease.

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

Regardless of whether you are a tenant or a landlord in Callington,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Callington valuers.

Callington Lease Extension Example Cases:

Jordan, Callington, Cornwall,

Subsequent to protracted correspondence with the landlord of her garden flat in Callington, Jordan started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The transaction was finalised in November 2012. The landlord’s fees were negotiated to below 450 GBP.

Callington case:

Last year we were approach by Mr and Mrs. E Evans , who purchased a purpose-built apartment in Callington in January 1997. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical flats in Callington with 100 year plus lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease finished in 2077. Having 51 years left we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including professional charges.

Callington case:

Last month we were contacted by Dr M Johnson , who bought a one bedroom flat in Callington in April 1995. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Similar properties in Callington with a long lease were worth £285,000. The average amount of ground rent was £45 invoiced yearly. The lease terminated in 2097. Given that there were 71 years unexpired we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus legals.