Main reasons to start your Camelford lease extension

Main reasons to start your Camelford lease extension today:

Increase your lease and increase your Camelford property value

The value of Camelford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Camelford with in excess of one hundred years outstanding 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 circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not lend on a short lease

Mortgage companies are really restricting their approach as regards to properties in Camelford with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective purchasers.

Why use us for your lease extension in Camelford?

The conveyancing solicitors that we work with procure Camelford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Camelford Lease Extension Example Cases:

Aiden, Camelford, Cornwall,

Aiden was the the leasehold proprietor of a high value apartment in Camelford being sold with a lease of a little over sixty years left. Aiden on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aiden to invoke his statutory right. Aiden procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Camelford case:

Last Summer we were e-mailed by Mrs Nicole Bennett , who acquired a basement apartment in Camelford in November 2002. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable residencies in Camelford with 100 year plus lease were worth £200,000. The average ground rent payable was £50 collected yearly. The lease terminated in 2104. Given that there were 78 years left we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.

Camelford case:

Last Autumn we were phoned by Dr Ibrahim Lefebvre , who moved into a studio apartment in Camelford in June 2010. The question was if we could approximate the price could be for a 90 year extension to my lease. Similar premises in Camelford with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected per annum. The lease ran out in 2093. Taking into account 67 years remaining we estimated the premium to the landlord to extend the lease to be within £14,300 and £16,400 exclusive of fees.