Main reasons to commence your Cullompton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cullompton property value

The value of Cullompton 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 significantly once the remaining term is below than eighty years

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

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Cullompton with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing the number of potential buyers.

What makes us experts in Cullompton lease extensions?

Regardless of whether you are a tenant or a landlord in Cullompton,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 in-depth market knowledge and the close ties they enjoy with Cullompton valuers.

Cullompton Lease Extension Example Cases:

Dylan, Cullompton, Devon

Last year Dylan, started to get close to the 80-year threshold with the lease on his studio flat in Cullompton. Having bought his flat twenty years ago, the unexpired term was of no significance. Fortunately, it dawned on him that he needed to take action soon on Extending the lease. Dylan was able to extend his lease just under the wire in January. Dylan and the freeholder via the management company in the end settled on the final figure of £5,500 . If the lease had descended below 80 years, the figure would have escalated by at least £875.

Cullompton case:

In 2011 we were phoned by Mr and Mrs. M André who, having completed a one bedroom flat in Cullompton in November 2009. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar properties in Cullompton with 100 year plus lease were worth £166,400. The mid-range amount of ground rent was £60 collected every twelve months. The lease finished in 2080. Taking into account 54 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 plus professional charges.

Cullompton case:

Mr and Mrs. B Robinson moved into a ground floor apartment in Cullompton in April 2012. We are asked if we could estimate the price could be for a ninety year lease extension. Identical homes in Cullompton with a long lease were in the region of £227,800. The average amount of ground rent was £45 billed every twelve months. The lease finished on 13 September 2091. Having 65 years remaining we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.