Why you should commence your Devizes lease extension

Main reasons to commence your Devizes lease extension today:

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

Devizes residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Devizes with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not issue a mortgage with a short lease

Many mortgage lenders will not grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Devizes property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Devizes?

Using our service gives you better control over the value of your Devizes leasehold, as your property will be more valuable and saleable in respect of lease length should you wish 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.

Devizes Lease Extension Case Studies:

Rosie, Devizes, Wiltshire,

After unsuccessful discussions with the freeholder of her garden flat in Devizes, Rosie started the lease extension process just as her lease was approaching the critical eighty-year mark. The lease extension was concluded in July 2010. The freeholder’s charges were negotiated to slightly above four hundred GBP.

Devizes case:

Last Autumn we were e-mailed by Mrs Eleanor Clark , who owned a one bedroom flat in Devizes in July 1999. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Devizes with an extended lease were in the region of £210,600. The average ground rent payable was £45 invoiced annually. The lease elapsed in 2088. Considering the 62 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.

Devizes case:

In 2009 we were contacted by Mr and Mrs. P Fournier who, having took over the lease of a one bedroom flat in Devizes in June 2008. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Devizes with 100 year plus lease were valued around £260,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease expired on 3 October 2099. Given that there were 73 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.