Main reasons to commence your Helston lease extension

Main reasons to commence your Helston lease extension today:

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

The value of Helston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is below than 80 years

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

Leasehold premises in Helston with over one hundred years unexpired 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to grant a mortgage with a short lease

Nearly all mortgage lenders require a lengthy amount of time left on any leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone intending to buy your property in the future might well do, so where they can't get a mortgage, then the value of your property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to lend on

Get in touch with one of our Helston lease extension solicitors or enfranchisement solicitors

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

Helston Lease Extension Example Cases:

Jude, Helston, Cornwall

Last year Jude, started to get near to the eighty-year mark with the lease on his leasehold flat in Helston. In buying his property 19 years ago, the length of the lease was of little significance. by good luck, he noticed he would imminently be paying an inflated amount for a lease extension. Jude arranged for a lease extension at the eleventh hour in September. Jude and the freeholder via the managing agents in the end agreed on a premium of £5,000 . If the lease had dropped below 80 years, the premium would have increased by at least £1,000.

Helston case:

In 2013 we were called by Dr Max Rogers who, having acquired a ground floor flat in Helston in January 1995. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Similar premises in Helston with an extended lease were worth £189,000. The average ground rent payable was £55 billed quarterly. The lease ran out on 9 August 2079. Having 53 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including legals.

Helston case:

Last Autumn we were called by Dr Lauren Jones , who took over the lease of a garden apartment in Helston in August 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Identical flats in Helston with an extended lease were worth £290,000. The mid-range amount of ground rent was £45 collected annually. The lease terminated in 2099. Having 73 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.