Top reasons for Callington lease extension

Why you should commence your Callington lease extension today:

A Callington leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Callington domestic lease decreases so does its value and therefore the value of your property. If the residual term has, more than 125 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Callington will qualify for this right; however a lawyer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Callington property with a lease extension has roughly the same value as a freehold

Leasehold premises in Callington with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to lend with a short lease

Nearly all mortgage lenders will not lend on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Callington property being difficult to sell or refinance.

Why use us for your lease extension in Callington?

Lease extensions in Callington can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 dealing with Callington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Callington Lease Extension Case Studies:

Natasha, Callington, Cornwall,

Following lengthy discussions with the landlord of her two bedroom flat in Callington, Natasha started the lease extension process just as the lease was coming close to the all-important 80-year threshold. The legal work was concluded in January 2014. The landlord’s costs were kept to an absolute minimum.

Callington case:

Last year we were e-mailed by Mr and Mrs. U Martin , who was assigned a lease of a studio apartment in Callington in November 2004. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Identical properties in Callington with an extended lease were valued about £295,000. The average ground rent payable was £45 invoiced monthly. The lease elapsed on 25 January 2100. Given that there were 74 years unexpired we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.

Callington case:

In 2014 we were e-mailed by Ms P Bernard who, having acquired a one bedroom apartment in Callington in January 2003. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical flats in Callington with a long lease were worth £248,000. The average amount of ground rent was £65 billed yearly. The lease elapsed on 23 September 2089. Having 63 years remaining we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 exclusive of legals.