Main reasons to commence your Camelford lease extension

Top reasons for lease extension now:

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

The value of Camelford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Camelford with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic once you need to dispose of or remortgage your property as it will be practically unmortgageable. You might not have an immediate desire to sell but when you do your buyer must hold off for 2 years before they can commence the legal procedures for an extension to the lease.

Why use us for your lease extension in Camelford?

Lease extensions in Camelford can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Camelford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Camelford Lease Extension Case Summaries:

Gabriel, Camelford, Cornwall,

Gabriel owned a 2 bedroom apartment in Camelford on the market with a lease of a little over fifty eight years remaining. Gabriel informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Gabriel to exercise his statutory right. Gabriel procured expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

Camelford case:

In 2010 we were contacted by Ms Rebecca Williams who, having took over the lease of a one bedroom apartment in Camelford in July 2009. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Comparable properties in Camelford with 100 year plus lease were valued about £218,400. The mid-range amount of ground rent was £60 billed per annum. The lease elapsed on 3 May 2085. Considering the 59 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 not including expenses.

Camelford case:

In 2013 we were approached by Dr Y Gunderson who, having was assigned a lease of a studio flat in Camelford in January 2008. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparable homes in Camelford with an extended lease were in the region of £205,000. The average amount of ground rent was £50 invoiced monthly. The lease ended in 2105. Given that there were 79 years unexpired we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.