Top reasons for Saltash lease extension

Top reasons for lease extension now:

Increase your lease and increase your Saltash property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Saltash may extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Saltash lease extension. Shelving that expense now simply escalates the amount you will eventually have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Saltash with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be insufficient security.

Why use us for your lease extension in Saltash?

Regardless of whether you are a tenant or a freeholder in Saltash,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 Saltash valuers.

Saltash Lease Extension Case Summaries:

Archie, Saltash, Cornwall,

Archie was the the leasehold proprietor of a high value apartment in Saltash on the market with a lease of a few days over 59 years left. Archie on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Archie to invoke his statutory right. Archie obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Saltash case:

Mr and Mrs. N Leroy was assigned a lease of a garden apartment in Saltash in September 2010. We are asked if we could estimate the premium would be to extend the lease by an additional years. Similar premises in Saltash with 100 year plus lease were in the region of £243,000. The mid-range amount of ground rent was £65 invoiced annually. The lease concluded in 2089. Taking into account 63 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 not including legals.

Saltash case:

Last Spring we were called by Mr and Mrs. B Patel , who took over the lease of a purpose-built flat in Saltash in April 2003. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparative residencies in Saltash with a long lease were in the region of £181,600. The average amount of ground rent was £55 collected per annum. The lease ran out on 5 September 2078. Given that there were 52 years left we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of fees.