Main reasons to commence your Mevagissey lease extension

Why you should start your Mevagissey lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Mevagissey can extend the lease for a further 90 years under legislation. Do give careful consideration before delaying your Mevagissey lease extension. Postponing that expense today simply increases the premium you will eventually be required to pay to extend the lease.

Mevagissey property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term falls beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are wanting to refinance your Mevagissey property.

Why use us for your lease extension in Mevagissey?

Irrespective of whether you are a tenant or a freeholder in Mevagissey,the lease extension lawyers 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 Mevagissey valuers.

Mevagissey Lease Extension Example Cases:

Bethan, Mevagissey, Cornwall,

Following lengthy discussions with the freeholder of her purpose-built apartment in Mevagissey, Bethan started the lease extension process as the 80 year mark was swiftly coming. The lease extension completed in September 2005. The landlord’s fees were negotiated to below 500 pounds.

Mevagissey case:

Mr Gabriel García bought a ground floor apartment in Mevagissey in September 2009. The dilemma was if we could estimate the premium would be to prolong the lease by ninety years. Identical premises in Mevagissey with 100 year plus lease were worth £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease finished on 2 February 2101. Having 75 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.

Mevagissey case:

In 2013 we were e-mailed by Mr C Collins who, having was assigned a lease of a recently refurbished apartment in Mevagissey in February 1995. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparative flats in Mevagissey with an extended lease were worth £168,800. The average ground rent payable was £60 invoiced quarterly. The lease elapsed in 2081. Considering the 55 years remaining we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of fees.