Main reasons to start your Mevagissey lease extension

Top reasons for lease extension now:

Increase your lease and increase your Mevagissey property value

For anyone whose Mevagissey flat is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

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

Leasehold premises in Mevagissey with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to loan monies on a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Considering a number of flats in Mevagissey were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

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

Irrespective of whether you are a tenant or a landlord in Mevagissey,the lease extension lawyers that we work with will always be prepared 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:

Sophia, Mevagissey, Cornwall,

Subsequent to unsuccessful correspondence with the landlord of her two bedroom flat in Mevagissey, Sophia initiated the lease extension process just as her lease was nearing the crucial 80-year threshold. The lease extension was concluded in October 2015. The landlord’s charges were kept to an absolute minimum.

Mevagissey case:

In 2014 we were contacted by Ms Harriet Nguyen who, having was assigned a lease of a ground floor apartment in Mevagissey in July 1998. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Identical properties in Mevagissey with 100 year plus lease were valued around £237,600. The mid-range ground rent payable was £45 invoiced yearly. The lease lapsed on 1 November 2093. Having 67 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including expenses.

Mevagissey case:

In 2014 we were phoned by Mr L Jackson who, having was assigned a lease of a ground floor flat in Mevagissey in September 2003. The question was if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Identical premises in Mevagissey with a long lease were in the region of £280,000. The mid-range ground rent payable was £55 billed annually. The lease came to a finish on 12 October 2104. Having 78 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.