Main reasons to commence your St Mawes lease extension

Main reasons to commence your St Mawes lease extension today:

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

It’s a harsh truth that a St Mawes residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the St Mawes property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher premium will be payable. Most leasehold owners in St Mawes will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the process.

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

Leasehold residencies in St Mawes with more than 100 years left 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not grant a mortgage on a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your St Mawes property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in St Mawes?

Engaging our service gives you better control over the value of your St Mawes leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

St Mawes Lease Extension Case Summaries:

Gemma, St Mawes, Cornwall,

In the wake of 6 months of protracted correspondence with the freeholder of her basement apartment in St Mawes, Gemma initiated the lease extension process as the eighty year deadline was swiftly nearing. The lease extension was finalised in January 2009. The freeholder’s charges were kept to an absolute minimum.

St Mawes case:

Last Winter we were contacted by Mr Liam Garcia , who moved into a one bedroom apartment in St Mawes in November 2008. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparative residencies in St Mawes with a long lease were worth £173,800. The average ground rent payable was £60 billed quarterly. The lease elapsed on 25 January 2081. Given that there were 55 years left we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of costs.

St Mawes case:

In 2009 we were called by Mr and Mrs. S Lefèvre who, having bought a ground floor apartment in St Mawes in October 1998. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Identical residencies in St Mawes with an extended lease were valued around £235,200. The average ground rent payable was £45 collected annually. The lease elapsed on 1 June 2092. Considering the 66 years left we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of expenses.