Main reasons to start your Plymouth lease extension

Main reasons to commence your Plymouth lease extension today:

A Plymouth lease depreciates with the years remaining on the lease.

Plymouth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Plymouth residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Plymouth you must investigate if your lease has between 70 and ninety years left. There are compelling reasons why a Plymouth flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Plymouth with more than one hundred years outstanding 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

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

Engaging our service gives you enhanced control over the value of your Plymouth leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Plymouth Lease Extension Example Cases:

Eliot, Plymouth, Devon

Last October Eliot, came seriously close to the 80-year mark with the lease on his purpose- built flat in Plymouth. In buying his home two decades ago, the lease term was of little bearing. Fortunately, he noticed he would soon be paying way over the odds for Extending the lease. Eliot extended the lease just under the wire in June. Eliot and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If the lease had descended lower than 80 years, the price would have become more costly by a minimum £850.

Plymouth case:

Dr O Edwards owned a purpose-built flat in Plymouth in April 2011. We are asked if we could approximate the price could be for a 90 year lease extension. Comparative homes in Plymouth with an extended lease were worth £191,400. The average amount of ground rent was £55 billed per annum. The lease ended in 2080. Given that there were 54 years unexpired we approximated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 exclusive of expenses.

Plymouth case:

Mr V Rivera acquired a one bedroom flat in Plymouth in September 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable flats in Plymouth with a long lease were worth £295,000. The average amount of ground rent was £45 invoiced quarterly. The lease terminated in 2100. Taking into account 74 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.