Main reasons to commence your Tintagel lease extension

Top reasons for lease extension now:

A Tintagel lease depreciates with the years remaining on the lease.

With a long leasehold premises in Tintagel, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than 80 years left. Anyone in Tintagel with a lease approaching 81 years left should seriously consider extending it sooner than later. Once a lease has less than eighty years left, under the current statute the freeholder is entitled to calculate and levy a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.

Tintagel property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter problems if you want to sell your flat in Tintagel if the remaining lease term is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Tintagel lease extensions?

Irrespective of whether you are a tenant or a freeholder in Tintagel,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tintagel valuers.

Tintagel Lease Extension Case Summaries:

Poppy, Tintagel, Cornwall,

In the wake of 6 months of lengthy discussions with the freeholder of her garden apartment in Tintagel, Poppy commenced the lease extension process just as her lease was coming close to the critical eighty-year deadline. The legal work was concluded in November 2005. The landlord’s charges were restricted to less than 500 pounds.

Tintagel case:

Last Autumn we were e-mailed by Dr Sophia Simon , who purchased a one bedroom apartment in Tintagel in April 1995. The question was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparative properties in Tintagel with a long lease were valued around £267,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease termination date was on 25 January 2093. Considering the 67 years remaining we estimated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.

Tintagel case:

In 2010 we were contacted by Dr M Richardson who, having was assigned a lease of a ground floor flat in Tintagel in August 2005. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Tintagel with a long lease were valued around £201,200. The mid-range amount of ground rent was £55 invoiced yearly. The lease ran out in 2082. Given that there were 56 years left we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus professional charges.