Main reasons to start your Lynmouth lease extension

Top reasons for lease extension now:

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

The market value of Lynmouth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the unexpired lease term is below than eighty years

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same 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 many years ahead.

Mortgage lenders may decide not to finance a property with a short lease

Most high street banks are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. As plenty of flats in Lynmouth were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

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

The conveyancers that we work with handle Lynmouth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Lynmouth Lease Extension Example Cases:

Joseph, Lynmouth, Devon,

Joseph was the the leasehold proprietor of a high value flat in Lynmouth on the market with a lease of a few days over 59 years remaining. Joseph informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joseph to invoke his statutory right. Joseph procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.

Lynmouth case:

Mr and Mrs. O Sánchez completed a recently refurbished apartment in Lynmouth in January 2010. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable properties in Lynmouth with 100 year plus lease were valued about £176,200. The average amount of ground rent was £65 invoiced annually. The lease expired in 2082. Given that there were 56 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 not including expenses.

Lynmouth case:

Ms R André was assigned a lease of a first floor apartment in Lynmouth in November 2002. 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. Identical properties in Lynmouth with a long lease were in the region of £237,600. The average ground rent payable was £45 invoiced quarterly. The lease terminated on 13 June 2093. Having 67 years remaining we estimated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 plus legals.