Main reasons to commence your St Ives lease extension

Main reasons to commence your St Ives lease extension today:

A St Ives leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a St Ives residential lease lessens so does its value and therefore the value of your property. Where the lease has, beyond 125 years remaining then this decrease may be fractional that being said there will become a stage 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 increase sharply the cost. It is the primary logic behind why you should extend the lease sooner rather than later. Most flat owners in St Ives will meet the qualifying criteria; that being said a lawyer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not grant a mortgage on a short lease

Mortgage lenders have specific criteria when lending funds charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term goes under a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your St Ives home.

What makes us experts in St Ives lease extensions?

Retaining our service will provide you enhanced control over the value of your St Ives leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish 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 Ives Lease Extension Case Summaries:

William, St Ives, Cornwall

14 months ago William, came precariously close to the eighty-year mark with the lease on his first floor flat in St Ives. Having bought his flat twenty years ago, the length of the lease was of little importance. Luckily, he realised he needed to take action soon on Extending the lease. William extended the lease at the eleventh hour last January. William and the landlord subsequently agreed on sum of £5,000 . If he failed to meet the deadline, the amount would have increased by a minimum £925.

St Ives case:

Last year we were contacted by Mr Arthur Robinson , who was assigned a lease of a one bedroom apartment in St Ives in September 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable premises in St Ives with a long lease were in the region of £220,400. The mid-range ground rent payable was £45 billed yearly. The lease expiry date was in 2090. Given that there were 64 years unexpired we estimated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of legals.

St Ives case:

Mr and Mrs. F Adams purchased a garden apartment in St Ives in August 2007. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar flats in St Ives with 100 year plus lease were worth £270,000. The average ground rent payable was £55 collected yearly. The lease elapsed on 26 October 2101. Taking into account 75 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.