Top reasons for Fowey lease extension

Why you should start your Fowey lease extension today:

Increase your lease and increase your Fowey property value

On the balance of probabilities if you own a flat in Fowey you actually own a long leasehold interest over your property

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

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

Lenders may not loan monies on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that many flats in Fowey were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Fowey?

Lease extensions in Fowey can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.

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 Studies:

Isabelle, Fowey, Cornwall,

Off the back of protracted negotiations with the freeholder of her basement apartment in Fowey, Isabelle commenced the lease extension process as the 80 year threshold was swiftly nearing. The lease extension was finalised in April 2015. The landlord’s fees were kept to an absolute minimum.

Fowey case:

In 2010 we were e-mailed by Dr Kirsty Murphy who, having was assigned a lease of a basement apartment in Fowey in February 2001. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Comparable residencies in Fowey with 100 year plus lease were in the region of £265,000. The average ground rent payable was £50 billed yearly. The lease terminated on 19 June 2100. Given that there were 74 years unexpired we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.

Fowey case:

In 2010 we were phoned by Dr Isabel Sánchez who, having purchased a first floor apartment in Fowey in August 2004. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Identical flats in Fowey with 100 year plus lease were in the region of £166,400. The mid-range ground rent payable was £60 collected monthly. The lease termination date was in 2080. Taking into account 54 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 plus costs.