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Main reasons to commence your Okehampton lease extension

Why you should start your Okehampton lease extension today:

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

Okehampton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Okehampton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Okehampton you would be well advised to investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Okehampton leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining 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 worth the same as a freehold for many years ahead.

Lenders will not grant a mortgage on a short lease

Lending institutions are less likely to issue a mortgage on a residential property in Okehampton with a short lease. Many lenders simply refuse to lend on leases with below 75 years remaining.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Okehampton?

Lease extensions in Okehampton can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Okehampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Okehampton Lease Extension Case Summaries:

Matthew, Okehampton, Devon,

Matthew owned a 2 bedroom flat in Okehampton being marketed with a lease of a little over sixty years unexpired. Matthew informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Matthew to invoke his statutory right. Matthew procured expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Okehampton case:

In 2014 we were e-mailed by Mr and Mrs. L Robinson who, having was assigned a lease of a newly refurbished flat in Okehampton in March 2012. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar flats in Okehampton with a long lease were valued around £176,200. The mid-range ground rent payable was £65 collected every twelve months. The lease ran out on 6 July 2079. Taking into account 56 years as a residual term we calculated the premium to the landlord to extend the lease to be within £29,500 and £34,000 plus fees.

Okehampton case:

Last Autumn we were contacted by Ms R Miller , who bought a one bedroom apartment in Okehampton in March 1999. We are asked if we could estimate the price could be to extend the lease by ninety years. Identical properties in Okehampton with 100 year plus lease were in the region of £237,600. The average ground rent payable was £45 invoiced quarterly. The lease finished in 2090. Having 67 years remaining we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of costs.