Main reasons to start your Port Isaac lease extension

Why you should commence your Port Isaac lease extension today:

A Port Isaac lease depreciates with the years remaining on the lease.

It’s a harsh truth that a Port Isaac residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Port Isaac property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If the number of years remaining slips below 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Port Isaac will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the formalities.

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

Leasehold properties in Port Isaac with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not grant a mortgage with a short lease

Many mortgage lenders require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to purchase your property in the future might well do, so if they are not able to get a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Port Isaac?

Regardless of whether you are a tenant or a freeholder in Port Isaac,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Port Isaac valuers.

Port Isaac Lease Extension Example Cases:

Phoebe, Port Isaac, Cornwall,

Off the back of unsuccessful negotiations with the landlord of her purpose-built apartment in Port Isaac, Phoebe commenced the lease extension process as the eighty year threshold was quickly nearing. The legal work was concluded in March 2006. The landlord’s fees were kept to an absolute minimum.

Port Isaac case:

In 2010 we were phoned by Mr and Mrs. D Wright who, having completed a newly refurbished apartment in Port Isaac in January 2001. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Identical flats in Port Isaac with an extended lease were worth £295,000. The mid-range ground rent payable was £45 billed every twelve months. The lease expired in 2100. Considering the 74 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Port Isaac case:

Dr Samuel Girard completed a garden apartment in Port Isaac in August 2002. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Comparable properties in Port Isaac with an extended lease were in the region of £248,000. The mid-range ground rent payable was £65 collected annually. The lease concluded on 22 February 2089. Having 63 years left we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus costs.