Main reasons to start your Lynmouth lease extension

Main reasons to start your Lynmouth lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Lynmouth. Clearly, the length of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Lynmouth have the legal entitlement to extend the lease for an additional 90 years under legislation. You should give careful consideration before delaying your Lynmouth lease extension. Holding off that expense now likely increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lenders may decide not to issue a mortgage with a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As plenty of flats in Lynmouth were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Lynmouth lease extensions?

Irrespective of whether you are a tenant or a landlord in Lynmouth,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lynmouth valuers.

Lynmouth Lease Extension Example Cases:

Ethan, Lynmouth, Devon,

Ethan was the the leasehold owner of a 2 bedroom flat in Lynmouth being marketed with a lease of a little over 61 years outstanding. Ethan on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Lynmouth case:

Dr Kian Thomas was assigned a lease of a ground floor flat in Lynmouth in February 2006. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Lynmouth with a long lease were worth £200,800. The average ground rent payable was £65 billed per annum. The lease expiry date was in 2086. Having 60 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 not including professional charges.

Lynmouth case:

In 2011 we were phoned by Mrs Courtney Sharif who, having was assigned a lease of a garden apartment in Lynmouth in September 2008. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Lynmouth with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 invoiced monthly. The lease terminated in 2097. Considering the 71 years remaining we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.