Main reasons to commence your Ilfracombe lease extension

Main reasons to commence your Ilfracombe lease extension today:

Increase your lease and increase your Ilfracombe property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Ilfracombe have the right to extend the lease for a further ninety years in accordance with statute. Please think carefully before delaying your Ilfracombe lease extension. Shelving that expense now simply escalates the amount you will eventually be required to pay to extend the lease.

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

Leasehold premises in Ilfracombe with more than one hundred 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be inadequate security.

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

Using our service gives you better control over the value of your Ilfracombe leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ilfracombe Lease Extension Case Studies:

Amy, Ilfracombe, Devon,

Subsequent to protracted negotiations with the freeholder of her studio apartment in Ilfracombe, Amy started the lease extension process as the eighty year deadline was fast coming. The legal work completed in April 2007. The landlord’s charges were kept to an absolute minimum.

Ilfracombe case:

Last Christmas we were approach by Mr B Williams , who purchased a studio apartment in Ilfracombe in July 1999. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Identical residencies in Ilfracombe with a long lease were in the region of £181,600. The average ground rent payable was £55 billed per annum. The lease came to a finish on 3 January 2078. Given that there were 52 years unexpired we approximated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.

Ilfracombe case:

Last July we were called by Mr Mason Baker , who moved into a newly refurbished flat in Ilfracombe in September 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Ilfracombe with a long lease were valued around £285,000. The mid-range amount of ground rent was £45 collected annually. The lease expiry date was in 2098. Having 72 years as a residual term we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.