Main reasons to start your Lynton lease extension

Why you should commence your Lynton lease extension today:

Increase your lease and increase your Lynton property value

Lynton leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher amount will be payable. Leasehold owners in Lynton will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.

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

Leasehold residencies in Lynton with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not finance a property with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will cause difficulties as and when you come to dispose of or refinance your flat as it will be effectively unmortgageable. Even though you may have no imminent intention to sell but when you do your purchaser will need to wait 2 years before being able to exercise the right to a an extension to the lease.

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

Retaining our service gives you enhanced control over the value of your Lynton leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lynton Lease Extension Example Cases:

Emma, Lynton, Devon,

Trailing lengthy discussions with the freeholder of her first floor flat in Lynton, Emma started the lease extension process just as the lease was coming close to the critical eighty-year deadline. The transaction was finalised in May 2012. The freeholder’s charges were restricted to a tad over 650 pounds.

Lynton case:

Last Summer we were called by Mrs Y Campbell , who took over the lease of a garden apartment in Lynton in April 2008. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable homes in Lynton with a long lease were worth £200,000. The average amount of ground rent was £50 billed monthly. The lease ended in 2103. Given that there were 77 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.

Lynton case:

Last August we were called by Dr M Davis , who acquired a purpose-built flat in Lynton in September 2004. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical premises in Lynton with a long lease were worth £260,200. The mid-range amount of ground rent was £65 invoiced annually. The lease expiry date was in 2092. Taking into account 66 years unexpired we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 not including costs.