Why you should commence your Delabole lease extension

Top reasons for lease extension now:

Increase your lease and increase your Delabole property value

Delabole leases on residential deteriorating in value. if your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher amount will be due. Flat owners in Delabole will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some situations you may not qualify. There are also strict timetables and steps to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.

Lenders will not finance a property on a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably encounter difficulties where you want to sell your flat in Delabole if the unexpired term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Delabole?

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

Delabole Lease Extension Case Studies:

Alexander, Delabole, Cornwall,

Alexander was the the leasehold proprietor of a studio flat in Delabole on the market with a lease of fraction over 61 years left. Alexander informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Alexander to invoke his statutory right. Alexander obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Delabole case:

Last year we were called by Mr and Mrs. F Thomas , who bought a ground floor apartment in Delabole in June 2007. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable homes in Delabole with an extended lease were worth £243,000. The mid-range amount of ground rent was £65 billed quarterly. The lease lapsed in 2089. Taking into account 63 years remaining we calculated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 plus fees.

Delabole case:

Last year we were called by Ms Samantha Wilson , who acquired a purpose-built apartment in Delabole in October 2002. The dilemma was if we could estimate the premium could be for a 90 year lease extension. Comparative residencies in Delabole with 100 year plus lease were in the region of £181,600. The mid-range amount of ground rent was £55 billed yearly. The lease elapsed in 2078. Having 52 years remaining we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including expenses.