Top reasons for Padstow lease extension

Main reasons to commence your Padstow lease extension today:

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

It’s an underpublicised certainty that a Padstow residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Padstow property prices.Once your lease nears 85ish years, you should start considering a lease extension. If lease term dips under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Padstow will be able to extend under the legislation; however a lawyer will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your lawyer for the duration of the process.

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

Leasehold residencies in Padstow with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not loan monies with a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term goes below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Padstow property.

What makes us experts in Padstow lease extensions?

Lease extensions in Padstow can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Padstow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Padstow Lease Extension Case Studies:

Elijah, Padstow, Cornwall

Last year Elijah, came perilously close to the 80-year mark with the lease on his studio flat in Padstow. Having bought his flat two decades ago, the length of the lease was of no concern. by good luck, he became aware that he would soon be paying an escalated premium for Extending the lease. Elijah arranged for a lease extension just under the wire in May. Elijah and the freeholder via the managing agents subsequently settled on the final figure of £6,000 . If he not met the deadline, the sum would have become more exhorbitant by a minimum £1,075.

Padstow case:

In 2014 we were approached by Mr and Mrs. R Clark who, having was assigned a lease of a studio apartment in Padstow in October 2012. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Comparative premises in Padstow with 100 year plus lease were valued about £233,200. The average ground rent payable was £60 billed quarterly. The lease concluded on 8 January 2087. Taking into account 61 years unexpired we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 not including expenses.

Padstow case:

Last November we were called by Mr Kai Edwards , who was assigned a lease of a garden flat in Padstow in May 2005. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Identical properties in Padstow with an extended lease were in the region of £171,800. The mid-range amount of ground rent was £55 invoiced annually. The lease ended on 16 January 2076. Having 50 years remaining we approximated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 plus expenses.