Main reasons to start your Port Isaac lease extension

Top reasons for lease extension now:

Increase your lease and increase your Port Isaac property value

The market value of Port Isaac leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than 80 years

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

It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will be problematic as and when you come to sell or remortgage your flat as it will be effectively unmortgageable. You may have no immediate desire to sell but when you do your buyer must wait two years before they can exercise the right to a a lease extension.

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

Retaining our service gives you better control over the value of your Port Isaac leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Port Isaac Lease Extension Case Studies:

Teddy, Port Isaac, Cornwall

Last Autumn Teddy, started to get close to the eighty-year mark with the lease on his leasehold apartment in Port Isaac. Having purchased his property 18 years ago, the lease term was of no importance. As luck would have it, he realised he would imminently be paying an inflated amount for Extending the lease. Teddy arranged for a lease extension at the eleventh hour in May. Teddy and the landlord who owned the flat above ultimately settled on sum of £6,000 . If the lease had dropped below eighty years, the price would have increased by a minimum £1,100.

Port Isaac case:

In 2011 we were called by Mr and Mrs. D Fournier who, having acquired a first floor apartment in Port Isaac in September 1995. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable residencies in Port Isaac with a long lease were in the region of £280,000. The average ground rent payable was £45 invoiced every twelve months. The lease expired in 2096. Given that there were 70 years as a residual term we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.

Port Isaac case:

Last Christmas we were phoned by Mr David Khan , who purchased a one bedroom apartment in Port Isaac in March 1997. The dilemma was if we could estimate the premium would likely be to extend the lease by an additional years. Comparable flats in Port Isaac with an extended lease were in the region of £223,400. The mid-range amount of ground rent was £60 billed monthly. The lease elapsed in 2085. Taking into account 59 years left we estimated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 not including professional charges.