Crediton Lease Extension - Free Consultation

Before you progress with your lease extension in Crediton
Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should commence your Crediton lease extension


Main reasons to commence your Crediton lease extension today:

A Crediton leasehold property depreciates with the years remaining on the lease.

The value of Crediton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to issue a mortgage with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You most probably experience problems where you need to sell your flat in Crediton if the unexpired lease term is below the criteria set by most mortgage companies. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least 65 years.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Crediton lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced control over the value of your Crediton leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Crediton Lease Extension Example Cases:

Natalie, Crediton, Devon,

Trailing unsuccessful discussions with the landlord of her purpose-built flat in Crediton, Natalie started the lease extension process as the 80 year threshold was rapidly advancing. The lease extension was concluded in August 2008. The freeholder’s fees were negotiated to below 450 pounds.

Crediton case:

In 2009 we were called by Mr and Mrs. I Torres who, having owned a one bedroom flat in Crediton in June 1996. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Similar residencies in Crediton with a long lease were in the region of £176,200. The mid-range amount of ground rent was £65 collected quarterly. The lease came to a finish in 2081. Taking into account 56 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 plus professional charges.

Crediton case:

In 2012 we were contacted by Dr F Dupont who, having acquired a ground floor flat in Crediton in September 1999. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparable properties in Crediton with 100 year plus lease were valued around £242,600. The average amount of ground rent was £45 billed per annum. The lease concluded on 18 October 2092. Having 67 years left we approximated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including legals.