Main reasons to commence your Crabtree lease extension

Why you should start your Crabtree lease extension today:

Increase your lease and increase your Crabtree property value

The only way is down when it comes to Crabtree lease terms. Crabtree flats that have a remaining term fewer than eighty years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.

Crabtree property with a lease extension is almost the same value as a freehold

Leasehold premises in Crabtree with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not finance a property with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone intending to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of the property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Crabtree lease extensions?

Irrespective of whether you are a tenant or a landlord in Crabtree,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Crabtree valuers.

Crabtree Lease Extension Case Summaries:

Jasper, Crabtree, Devon,

Jasper was the the leasehold owner of a studio apartment in Crabtree on the market with a lease of fraction over fifty eight years unexpired. Jasper on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Jasper to invoke his statutory right. Jasper procured expert legal guidance and secured an acceptable deal informally and sell the property.

Crabtree case:

In 2014 we were phoned by Dr Harrison Girard who, having took over the lease of a purpose-built apartment in Crabtree in September 2001. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Identical premises in Crabtree with 100 year plus lease were worth £189,000. The average ground rent payable was £55 billed every twelve months. The lease terminated in 2079. Given that there were 53 years remaining we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.

Crabtree case:

In 2010 we were phoned by Mr E Richardson who, having was assigned a lease of a first floor apartment in Crabtree in June 2000. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable premises in Crabtree with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 billed annually. The lease ran out in 2099. Considering the 73 years outstanding we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.