Top reasons for South Molton lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Molton property value

Chances are that where you own a flat in South Molton you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in South Molton with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may not finance a property on a short lease

What makes us experts in South Molton lease extensions?

Retaining our service gives you better control over the value of your South Molton leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

South Molton Lease Extension Case Summaries:

Kate, South Molton, Devon,

Following protracted correspondence with the freeholder of her purpose-built flat in South Molton, Kate initiated the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction was concluded in March 2010. The freeholder’s fees were negotiated to a tad over four hundred GBP.

South Molton case:

Last Spring we were called by Mr and Mrs. O Cooper , who was assigned a lease of a recently refurbished flat in South Molton in March 1996. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparative premises in South Molton with an extended lease were worth £181,600. The average amount of ground rent was £55 collected per annum. The lease elapsed on 7 November 2078. Having 52 years outstanding we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of costs.

South Molton case:

Last year we were approach by Mr and Mrs. L Evans , who purchased a newly refurbished apartment in South Molton in February 1997. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative homes in South Molton with a long lease were in the region of £285,000. The average ground rent payable was £45 billed annually. The lease terminated on 18 November 2098. Considering the 72 years left we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.