Main reasons to start your Fowey lease extension

Main reasons to commence your Fowey lease extension today:

A Fowey lease depreciates with the years remaining on the lease.

Unfortunately that a Fowey residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Fowey property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term falls below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Fowey will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your lawyer throughout the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This may be problematic when you come to dispose of or refinance your property as it will be practically unmortgageable. Even though you may have no immediate desire to sell but when you do your buyer will have to hold off for a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Fowey lease extensions?

Regardless of whether you are a tenant or a freeholder in Fowey,the lease extension experts 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 Fowey valuers.

Fowey Lease Extension Case Summaries:

Rebecca, Fowey, Cornwall,

Subsequent to unsuccessful discussions with the landlord of her two bedroom apartment in Fowey, Rebecca started the lease extension process as the 80 year threshold was fast advancing. The lease extension completed in October 2005. The landlord’s charges were kept to an absolute minimum.

Fowey case:

Mrs Madeleine Flores completed a one bedroom apartment in Fowey in June 2003. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Similar residencies in Fowey with an extended lease were worth £186,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease elapsed in 2084. Considering the 58 years remaining we approximated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 not including expenses.

Fowey case:

Mrs Sian Alexander bought a purpose-built flat in Fowey in May 2001. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Identical homes in Fowey with 100 year plus lease were valued around £250,000. The average ground rent payable was £50 invoiced monthly. The lease end date was in 2095. Considering the 69 years left we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.