Why you should start your Saltash lease extension

Main reasons to commence your Saltash lease extension today:

Increase your lease and increase your Saltash property value

As the length of the unexpired term of a Saltash residential lease diminished so does its value and therefore the value of your property. Where the residual term has, in excess of 100 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. Most flat owners in Saltash will meet the qualifying criteria; that being said a lawyer should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same 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.

Lenders may not lend on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This may be problematic as and when you need to market or refinance your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your purchaser must wait 2 years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Saltash?

Engaging our service will provide you increased control over the value of your Saltash leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Saltash Lease Extension Example Cases:

Ryan, Saltash, Cornwall,

Ryan was the the leasehold owner of a 2 bedroom apartment in Saltash on the market with a lease of a little over sixty years unexpired. Ryan on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Ryan to invoke his statutory right. Ryan procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Saltash case:

In 2011 we were contacted by Mrs Naomi Vincent who, having was assigned a lease of a basement flat in Saltash in September 2008. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparable premises in Saltash with an extended lease were valued about £295,000. The mid-range ground rent payable was £50 collected every twelve months. The lease expired in 2101. Having 75 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.

Saltash case:

Last month we were approach by Dr Eleanor Gray , who owned a newly refurbished flat in Saltash in July 2001. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparable properties in Saltash with an extended lease were worth £250,400. The average amount of ground rent was £65 billed per annum. The lease came to a finish on 19 September 2090. Considering the 64 years unexpired we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 plus expenses.