Why you should start your Launceston lease extension

Main reasons to start your Launceston lease extension today:

Increase your lease and increase your Launceston property value

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

An extended lease has roughly the same value as a freehold

Leasehold residencies in Launceston with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

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

Banks and Building Societies have specific criteria when loaning monies charged on leasehold homes. Some will simply refuse lend at all once the remaining lease term drops below a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Launceston home.

Why use us for your lease extension in Launceston?

Retaining our service will provide you better control over the value of your Launceston leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Launceston Lease Extension Example Cases:

Muhammad, Launceston, Cornwall

Two years ago Muhammad, came critically near to the 80-year threshold with the lease on his two bedroom apartment in Launceston. Having purchased his flat two decades ago, the length of the lease was of little interest. Luckily, he became aware that he needed to take steps soon on a lease extension. Muhammad was able to extend his lease just ahead of time in April. Muhammad and the landlord who owned the flat above ultimately settled on an amount of £6,000 . If he failed to meet the deadline, the amount would have escalated by a minimum £1,125.

Launceston case:

Mr and Mrs. U Young acquired a basement flat in Launceston in May 2011. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable properties in Launceston with a long lease were in the region of £275,000. The mid-range amount of ground rent was £45 billed monthly. The lease finished on 28 January 2095. Taking into account 69 years left we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.

Launceston case:

Mr and Mrs. B Scott moved into a garden apartment in Launceston in November 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparative premises in Launceston with an extended lease were valued around £216,000. The average ground rent payable was £60 billed every twelve months. The lease concluded on 8 September 2084. Considering the 58 years outstanding we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus professional charges.