Main reasons to start your Exmoor lease extension

Why you should start your Exmoor lease extension today:

Increase your lease and increase your Exmoor property value

The value of Exmoor leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is below than 80 years

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

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

Mortgage lenders may decide not to lend on a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Exmoor property being difficult to dispose of or refinance.

Why use us for your lease extension in Exmoor?

Lease extensions in Exmoor can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Exmoor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Exmoor Lease Extension Case Studies:

Jackson, Exmoor, Somerset

In 2014 Jackson, started to get close to the 80-year mark with the lease on his two bedroom flat in Exmoor. In buying his home two decades ago, the length of the lease was of no significance. by good luck, he recognised he needed to take action soon on a lease extension. Jackson arranged for a lease extension just in the nick of time last January. Jackson and the landlord eventually settled on a premium of £5,500 . If the lease had gone to less than 80 years, the sum would have increased by at least £1,000.

Exmoor case:

Last September we were e-mailed by Mr and Mrs. A Rose , who took over the lease of a garden flat in Exmoor in January 2006. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Exmoor with an extended lease were worth £275,000. The average ground rent payable was £45 invoiced quarterly. The lease ended in 2095. Taking into account 69 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.

Exmoor case:

In 2009 we were called by Mr and Mrs. R Morgan who, having took over the lease of a studio apartment in Exmoor in August 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Exmoor with a long lease were valued about £216,000. The average ground rent payable was £60 collected every twelve months. The lease came to a finish on 20 January 2084. Considering the 58 years unexpired we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus professional charges.