Main reasons to commence your Padstow lease extension

Why you should start your Padstow lease extension today:

Increase your lease and increase your Padstow property value

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

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

It is generally accepted that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage on a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once the remaining lease term slips below a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Padstow home.

What makes us experts in Padstow lease extensions?

Lease extensions in Padstow can be a difficult process. We recommend you obtain professional help 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 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:

Isaac, Padstow, Cornwall

14 months ago Isaac, started to get close to the 80-year mark with the lease on his ground floor apartment in Padstow. Having bought his home 18 years ago, the length of the lease was of no bearing. Fortunately, he became aware that he needed to take steps soon on a lease extension. Isaac extended the lease just under the wire last September. Isaac and the landlord in the end settled on the final figure of £6,000 . If he not met the deadline, the sum would have increased by at least £1,025.

Padstow case:

Dr K Hernández completed a first floor flat in Padstow in May 1997. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Comparative residencies in Padstow with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease came to a finish in 2095. Considering the 69 years as a residual term we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.

Padstow case:

Dr Rachael Morris owned a ground floor flat in Padstow in May 1997. The question was if we could estimate the premium could be to prolong the lease by 90 years. Comparative premises in Padstow with a long lease were worth £216,000. The mid-range ground rent payable was £60 billed monthly. The lease came to a finish on 13 May 2084. Given that there were 58 years outstanding we estimated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including costs.