Main reasons to start your Tintagel lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tintagel property value

Tintagel leases on residential properties are gradually losing value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Tintagel will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are prescribed deadlines and steps to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders may not loan monies on a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this could result in your Tintagel property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Tintagel lease extensions?

The conveyancers that we work with procure Tintagel lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Tintagel Lease Extension Example Cases:

Dylan, Tintagel, Cornwall,

Dylan was the the leasehold owner of a conversion flat in Tintagel being sold with a lease of fraction over 72 years remaining. Dylan on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be due on a lease extension were Dylan to exercise his statutory right. Dylan procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Tintagel case:

In 2011 we were e-mailed by Dr C Morris who, having purchased a one bedroom apartment in Tintagel in November 2007. The question was if we could estimate the premium would be to extend the lease by a further 90 years. Comparative flats in Tintagel with a long lease were valued about £295,000. The mid-range ground rent payable was £45 collected quarterly. The lease lapsed in 2101. Given that there were 75 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.

Tintagel case:

In 2010 we were approached by Dr Kai Garcia who, having owned a purpose-built flat in Tintagel in May 1997. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparative premises in Tintagel with an extended lease were valued around £250,400. The mid-range amount of ground rent was £65 billed every twelve months. The lease ended in 2090. Considering the 64 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 exclusive of costs.