Main reasons to start your Silverton lease extension

Main reasons to commence your Silverton lease extension today:

A Silverton leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Silverton domestic lease decreases so does its value and therefore the value of your property. If the residual term has, in excess of 125 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner than later. The majority of flat owners in Silverton will meet the qualifying criteria; however a conveyancer can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to finance a property with a short lease

Most mortgage lenders 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 under 75 years as they are considered to be deficient for lending purposes.

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

Engaging our service gives you enhanced control over the value of your Silverton leasehold, as your property will be more valuable and marketable in terms 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.

Silverton Lease Extension Example Cases:

Logan, Silverton, Devon

Last Summer Logan, started to get near to the 80-year mark with the lease on his ground floor apartment in Silverton. In buying his property two decades ago, the length of the lease was of minimal concern. Luckily, he noticed he would imminently be paying an inflated amount for a lease extension. Logan arranged for a lease extension at the eleventh hour in July. Logan and the freeholder via the managing agents in the end agreed on the final figure of £5,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by a minimum £1,050.

Silverton case:

Dr Nathaniel Vincent took over the lease of a recently refurbished flat in Silverton in February 2007. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Silverton with an extended lease were worth £295,000. The mid-range ground rent payable was £50 invoiced per annum. The lease ended in 2101. Having 75 years outstanding we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including professional charges.

Silverton case:

Last Autumn we were contacted by Mrs Y Brown , who took over the lease of a one bedroom apartment in Silverton in September 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Comparable premises in Silverton with an extended lease were worth £250,400. The mid-range ground rent payable was £65 billed yearly. The lease elapsed in 2090. Considering the 64 years left we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 plus costs.