Top reasons for St Austell lease extension

Main reasons to start your St Austell lease extension today:

Increase your lease and increase your St Austell property value

St Austell leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying St Austell residential leaseholders to extend the terms of long leases. If you are a leasehold owner in St Austell you should see if your lease has between 70 and 90 years remaining. There are good reasons why a St Austell flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold premises in St Austell with in excess of one hundred years outstanding on the lease are sometimes 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 upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to loan monies on a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Many will simply not lend at all once the residual lease term drops lower than a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your St Austell home.

Why use us for your lease extension in St Austell?

Using our service gives you enhanced control over the value of your St Austell leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

St Austell Lease Extension Example Cases:

Katie, St Austell, Cornwall,

Subsequent to protracted discussions with the landlord of her one bedroom flat in St Austell, Katie started the lease extension process just as the lease was approaching the critical eighty-year mark. The legal work was concluded in November 2012. The freeholder’s fees were kept to an absolute minimum.

St Austell case:

In 2010 we were phoned by Mr and Mrs. G Cox who, having acquired a first floor apartment in St Austell in June 2008. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Identical residencies in St Austell with an extended lease were valued about £176,200. The average amount of ground rent was £65 collected per annum. The lease ran out on 12 April 2082. Given that there were 56 years left we approximated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of fees.

St Austell case:

Ms N Gunderson purchased a one bedroom apartment in St Austell in August 1997. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Identical properties in St Austell with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 collected per annum. The lease expired on 13 March 2093. Considering the 67 years outstanding we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus fees.