Why you should start your Silverton lease extension

Why you should commence your Silverton lease extension today:

Increase your lease and increase your Silverton property value

Chances are that if you own a flat in Silverton you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic when you wish to sell or remortgage your property as it will be effectively unmortgageable. Even though you might have no immediate plan to sell but when you do your purchaser will have to wait 2 years before they can commence the legal procedures for a lease extension.

What makes us experts in Silverton lease extensions?

Lease extensions in Silverton can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Silverton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Silverton Lease Extension Example Cases:

Samuel, Silverton, Devon,

Samuel was the the leasehold proprietor of a high value apartment in Silverton being sold with a lease of fraction over 61 years unexpired. Samuel informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Samuel to invoke his statutory right. Samuel procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

Silverton case:

Mr and Mrs. H Turner moved into a newly refurbished flat in Silverton in May 2007. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Identical residencies in Silverton with 100 year plus lease were worth £218,400. The average amount of ground rent was £60 billed annually. The lease concluded on 17 May 2085. Considering the 59 years left we approximated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 not including fees.

Silverton case:

Dr Mason Fournier owned a studio flat in Silverton in March 1995. The question was if we could approximate the price would likely be for a ninety year lease extension. Comparable properties in Silverton with a long lease were valued about £205,000. The average amount of ground rent was £50 collected monthly. The lease elapsed on 4 September 2105. Having 79 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.