Main reasons to commence your Padstow lease extension

Top reasons for lease extension now:

Increase your lease and increase your Padstow property value

Chances are that if you own a flat in Padstow you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property on a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Padstow lease extensions?

Lease extensions in Padstow can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 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:

Samuel, Padstow, Cornwall,

Samuel was the the leasehold owner of a 2 bedroom flat in Padstow being marketed with a lease of just over 59 years remaining. Samuel on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Samuel to invoke his statutory right. Samuel obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.

Padstow case:

In 2009 we were contacted by Mr and Mrs. V Jackson who, having acquired a purpose-built apartment in Padstow in May 1995. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Similar properties in Padstow with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 invoiced per annum. The lease terminated in 2091. Given that there were 65 years left we estimated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus fees.

Padstow case:

Mr and Mrs. B Campbell bought a basement flat in Padstow in March 2010. The question was if we could approximate the premium would be for a ninety year lease extension. Comparable flats in Padstow with 100 year plus lease were in the region of £191,400. The average ground rent payable was £55 invoiced per annum. The lease finished in 2080. Given that there were 54 years unexpired we estimated the premium to the landlord to extend the lease to be within £34,200 and £39,600 not including professional charges.