Main reasons to start your Silverton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Silverton property value

The nearer a domestic lease in Silverton nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 99 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. Most flat owners in Silverton will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent 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 property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not finance a property with a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Silverton property becoming difficult to dispose of or refinance.

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

The conveyancers that we work with undertake Silverton 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 lawyer we work with provide it.

Silverton Lease Extension Example Cases:

Phoebe, Silverton, Devon,

Off the back of lengthy correspondence with the landlord of her basement apartment in Silverton, Phoebe commenced the lease extension process just as the lease was coming close to the critical 80-year deadline. The lease extension completed in February 2012. The freeholder’s charges were restricted to a tad over four hundred pounds.

Silverton case:

In 2011 we were called by Mr and Mrs. K Díaz who, having was assigned a lease of a one bedroom apartment in Silverton in October 2006. The question was if we could approximate the premium would be for a 90 year lease extension. Comparable properties in Silverton with an extended lease were valued about £205,000. The average ground rent payable was £50 billed yearly. The lease finished in 2105. Taking into account 79 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.

Silverton case:

Mr and Mrs. O Lefebvre owned a basement apartment in Silverton in September 2003. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical properties in Silverton with a long lease were valued about £275,000. The average amount of ground rent was £65 collected annually. The lease elapsed in 2094. Taking into account 68 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.