Main reasons to commence your Calstock lease extension

Why you should commence your Calstock lease extension today:

A Calstock lease depreciates with the years remaining on the lease.

Calstock leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the existing lease dips under eighty years - otherwise a higher premium will be due. Leasehold owners in Calstock will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are also strict deadlines and formalities to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Calstock with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

Many mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone wishing to acquire your property in the future might well do, so where they are not able to secure a mortgage, then the value of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Calstock?

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

Calstock Lease Extension Example Cases:

Jessica, Calstock, Devon,

Following protracted correspondence with the landlord of her one bedroom flat in Calstock, Jessica commenced the lease extension process as the 80 year deadline was quickly nearing. The lease extension was finalised in November 2011. The freeholder’s costs were restricted to about 650 GBP.

Calstock case:

In 2014 we were contacted by Dr W Dupont who, having owned a basement flat in Calstock in March 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparable homes in Calstock with a long lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease termination date was on 21 May 2089. Considering the 63 years outstanding we estimated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 plus legals.

Calstock case:

Dr Zachary André took over the lease of a ground floor apartment in Calstock in November 2004. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative homes in Calstock with 100 year plus lease were in the region of £265,000. The average ground rent payable was £55 collected quarterly. The lease lapsed in 2100. Considering the 74 years remaining we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.