Main reasons to commence your Fowey lease extension

Main reasons to start your Fowey lease extension today:

Increase your lease and increase your Fowey property value

Fowey leases on residential deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Fowey will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain situations you may not qualify. There are prescribed deadlines and procedures to follow once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

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

The trend since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Fowey lease extensions?

Lease extensions in Fowey can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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 Fowey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Fowey Lease Extension Case Summaries:

Amy, Fowey, Cornwall,

Following lengthy discussions with the freeholder of her two bedroom apartment in Fowey, Amy started the lease extension process just as the lease was approaching the all-important 80-year deadline. The lease extension was concluded in June 2010. The landlord’s costs were kept to an absolute minimum.

Fowey case:

In 2011 we were contacted by Dr C Allen who, having was assigned a lease of a one bedroom apartment in Fowey in February 1996. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparable homes in Fowey with an extended lease were valued around £166,400. The mid-range ground rent payable was £60 invoiced every twelve months. The lease finished in 2080. Taking into account 54 years left we approximated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of professional charges.

Fowey case:

Last year we were contacted by Mr and Mrs. G Leroy , who owned a one bedroom apartment in Fowey in July 1996. We are asked if we could estimate the price could be to extend the lease by 90 years. Identical premises in Fowey with a long lease were in the region of £227,800. The average amount of ground rent was £45 collected monthly. The lease lapsed on 14 May 2091. Considering the 65 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of costs.