Why you should start your Plymouth lease extension

Why you should start your Plymouth lease extension today:

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

The value of Plymouth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This may cause difficulties when you wish to sell or refinance your property as it will be practically unmortgageable. Even though you might have no imminent intention to sell but when you do your buyer will need to wait a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Plymouth lease extensions?

Lease extensions in Plymouth can be a difficult process. We recommend you obtain professional help from a lawyer 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 Plymouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Plymouth Lease Extension Example Cases:

Kai, Plymouth, Devon,

Kai was the the leasehold owner of a high value apartment in Plymouth being marketed with a lease of fraction over fifty eight years outstanding. Kai on an informal basis contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant 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 25 years thereafter. No ground rent would be due on a lease extension were Kai to invoke his statutory right. Kai procured expert legal guidance and secured satisfactory resolution informally and readily saleable.

Plymouth case:

Ms W Young owned a basement flat in Plymouth in November 1999. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar properties in Plymouth with 100 year plus lease were in the region of £260,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease finished on 21 November 2092. Having 66 years left we calculated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 exclusive of professional charges.

Plymouth case:

Dr T Vincent completed a basement flat in Plymouth in June 1996. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparative flats in Plymouth with 100 year plus lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed yearly. The lease elapsed in 2081. Given that there were 55 years outstanding we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus legals.