Main reasons to commence your Redruth lease extension

Main reasons to start your Redruth lease extension today:

Increase your lease and increase your Redruth property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Redruth. Inevitably, the period of lease left shortens over time. This may pass by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Redruth have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please give due deliberation before putting off your Redruth lease extension. Putting off that expense now likely increases the price you will eventually incur to extend your lease

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 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 decide not to grant a mortgage on a short lease

Almost all mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wishing to buy your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

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

The conveyancing solicitors that we work with handle Redruth 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.

Redruth Lease Extension Case Studies:

Shannon, Redruth, Cornwall,

In the wake of 6 months of lengthy correspondence with the freeholder of her leasehold apartment in Redruth, Shannon initiated the lease extension process as the eighty year mark was rapidly nearing. The lease extension completed in February 2005. The landlord’s charges were kept to an absolute minimum.

Redruth case:

Last Spring we were e-mailed by Mr Logan Thompson , who moved into a recently refurbished flat in Redruth in August 1995. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparable properties in Redruth with an extended lease were valued around £295,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease elapsed in 2101. Considering the 75 years as a residual term we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.

Redruth case:

Dr Arthur Cooper bought a one bedroom flat in Redruth in May 2008. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Redruth with a long lease were worth £250,400. The average amount of ground rent was £65 billed yearly. The lease finished in 2090. Taking into account 64 years remaining we calculated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus professional charges.