Main reasons to start your Lostwithiel lease extension

Main reasons to start your Lostwithiel lease extension today:

A Lostwithiel lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Lostwithiel you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders will not lend with a short lease

Lenders are really clamping down as regards to properties in Lostwithiel with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Lostwithiel?

Regardless of whether you are a tenant or a landlord in Lostwithiel,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lostwithiel valuers.

Lostwithiel Lease Extension Case Studies:

Charlie, Lostwithiel, Cornwall

Half a year ago Charlie, came precariously near to the eighty-year mark with the lease on his basement flat in Lostwithiel. Having bought his property two decades ago, the lease term was of little bearing. Fortunately, he noticed he would imminently be paying an escalated premium for a lease extension. Charlie extended the lease just in the nick of time last June. Charlie and the freeholder subsequently agreed on sum of £5,000 . If he failed to meet the deadline, the sum would have gone up by at least £1,100.

Lostwithiel case:

Mr and Mrs. A Gómez acquired a basement apartment in Lostwithiel in September 2004. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Similar premises in Lostwithiel with an extended lease were in the region of £218,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease finished in 2089. Given that there were 63 years left we calculated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 exclusive of costs.

Lostwithiel case:

Mr and Mrs. H Roberts purchased a studio flat in Lostwithiel in August 1999. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparable properties in Lostwithiel with 100 year plus lease were in the region of £265,000. The mid-range amount of ground rent was £50 billed quarterly. The lease ended on 10 June 2100. Given that there were 74 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.