Why you should commence your Crabtree lease extension

Top reasons for lease extension now:

Increase your lease and increase your Crabtree property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Crabtree. Inevitably, the length of lease left reduces as time goes by. This is often overlooked and only raises itself as an issue when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Crabtree have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. Please give due attention before putting off your Crabtree lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease

An extended lease has roughly the same value as a freehold

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

Lending institutions may decide not to finance a property on a short lease

Mortgage lenders have set criteria when lending monies secured on leasehold homes. Many will simply refuse lend at all once an unexpired lease term falls lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years suitable security. As well as impacting your ability to sell, it is also relevant if you are wanting to remortgage your Crabtree property.

What makes us experts in Crabtree lease extensions?

Using our service gives you enhanced control over the value of your Crabtree leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Crabtree Lease Extension Case Summaries:

Victoria, Crabtree, Devon,

Trailing unsuccessful correspondence with the freeholder of her studio apartment in Crabtree, Victoria started the lease extension process just as her lease was approaching the critical 80-year deadline. The lease extension completed in February 2013. The freeholder’s charges were restricted to slightly above 450 pounds.

Crabtree case:

Last Christmas we were called by Dr P Hernández , who acquired a first floor apartment in Crabtree in May 2010. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical residencies in Crabtree with a long lease were in the region of £285,000. The average amount of ground rent was £45 invoiced monthly. The lease lapsed on 21 November 2098. Taking into account 72 years left we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of expenses.

Crabtree case:

Mr O Bertrand bought a first floor flat in Crabtree in April 2002. The dilemma was if we could estimate the premium would be to prolong the lease by an additional years. Similar premises in Crabtree with a long lease were valued about £233,200. The average ground rent payable was £60 collected yearly. The lease lapsed on 16 January 2087. Taking into account 61 years left we estimated the premium to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of expenses.