Main reasons to commence your Ilfracombe lease extension

Why you should commence your Ilfracombe lease extension today:

Increase your lease and increase your Ilfracombe property value

The only way is down when it comes to Ilfracombe lease terms. Ilfracombe properties that have a residual term fewer than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may not lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties once you come to dispose of or remortgage your property as it will be practically unmortgageable. Even though you may have no immediate intention to sell but when you do your purchaser will have to wait 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Ilfracombe lease extensions?

Irrespective of whether you are a tenant or a landlord in Ilfracombe,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 Ilfracombe valuers.

Ilfracombe Lease Extension Case Studies:

Jacob, Ilfracombe, Devon

Half a year ago Jacob, came seriously near to the 80-year threshold with the lease on his purpose- built flat in Ilfracombe. Having purchased his home two decades ago, the length of the lease was of little bearing. As luck would have it, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Jacob was able to extend his lease at the eleventh hour last January. Jacob and the freeholder via the managing agents in the end agreed on an amount of £5,000 . If he not met the deadline, the figure would have escalated by at least £1,075.

Ilfracombe case:

Dr Callum Bell took over the lease of a studio apartment in Ilfracombe in July 2008. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparable premises in Ilfracombe with an extended lease were in the region of £225,800. The average ground rent payable was £60 billed yearly. The lease end date was on 25 February 2086. Taking into account 60 years left we calculated the premium to the landlord for the lease extension to be between £25,700 and £29,600 exclusive of expenses.

Ilfracombe case:

Last month we were e-mailed by Mr and Mrs. T Alexander , who acquired a ground floor apartment in Ilfracombe in July 2009. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Comparable flats in Ilfracombe with an extended lease were valued around £210,000. The mid-range amount of ground rent was £50 collected monthly. The lease came to a finish in 2106. Having 80 years remaining we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of expenses.