Why you should commence your Perranporth lease extension

Main reasons to start your Perranporth lease extension today:

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

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

Perranporth property with a lease extension has roughly the same value as a freehold

Leasehold properties in Perranporth with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to loan monies on a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Perranporth property becoming difficult to dispose of or remortgage.

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

The lawyers that we work with handle Perranporth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Perranporth Lease Extension Example Cases:

Evan, Perranporth, Cornwall

16 months ago Evan, came critically close to the eighty-year threshold with the lease on his ground floor apartment in Perranporth. In buying his home 18 years ago, the lease term was of little relevance. Fortunately, he became aware that he needed to take action soon on a lease extension. Evan extended the lease just in the nick of time last March. Evan and the freeholder via the management company ultimately settled on a premium of £5,000 . If the lease had slid to less than eighty years, the amount would have increased by at least £975.

Perranporth case:

Last Christmas we were approach by Mr and Mrs. G Johnson , who was assigned a lease of a first floor apartment in Perranporth in October 2007. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Similar flats in Perranporth with an extended lease were worth £242,600. The mid-range ground rent payable was £45 billed every twelve months. The lease expired in 2093. Given that there were 67 years left we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of professional charges.

Perranporth case:

Last Winter we were contacted by Dr J Smith , who completed a studio apartment in Perranporth in August 2008. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Perranporth with an extended lease were valued about £280,000. The average ground rent payable was £55 collected annually. The lease finished in 2104. Taking into account 78 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.