Main reasons to commence your Calstock lease extension

Why you should start your Calstock lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Calstock can extend the lease for an additional 90 years in accordance with legislation. Do give careful consideration before delaying your Calstock lease extension. Shelving that expense today simply increases the price you will eventually have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the residual lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Calstock home.

Why use us for your lease extension in Calstock?

Regardless of whether you are a tenant or a landlord in Calstock,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 experience and the close ties they enjoy with Calstock valuers.

Calstock Lease Extension Case Summaries:

Sophia, Calstock, Devon,

Trailing unsuccessful discussions with the landlord of her ground floor apartment in Calstock, Sophia commenced the lease extension process as the eighty year threshold was swiftly nearing. The transaction was concluded in November 2006. The freeholder’s charges were kept to an absolute minimum.

Calstock case:

Dr Y Green acquired a first floor flat in Calstock in June 2010. We are asked if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Similar homes in Calstock with a long lease were valued around £254,200. The mid-range ground rent payable was £60 collected quarterly. The lease elapsed in 2077. Considering the 51 years unexpired we estimated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 plus legals.

Calstock case:

Dr F White purchased a garden flat in Calstock in October 2006. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Comparative residencies in Calstock with 100 year plus lease were in the region of £210,600. The average amount of ground rent was £45 collected yearly. The lease finished on 24 September 2088. Given that there were 62 years left we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.