Top reasons for Tiverton lease extension

Main reasons to commence your Tiverton lease extension today:

Increase your lease and increase your Tiverton property value

The only way is down when it comes to Tiverton lease terms. Tiverton flats that have a remaining term shorter than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property on a short lease

Mortgage lenders have set criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term drops under a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Tiverton property.

Why use us for your lease extension in Tiverton?

The conveyancers that we work with undertake Tiverton 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.

Tiverton Lease Extension Example Cases:

Kirsty, Tiverton, Devon,

Off the back of unsuccessful discussions with the freeholder of her first floor flat in Tiverton, Kirsty initiated the lease extension process as the 80 year mark was fast nearing. The legal work was finalised in October 2009. The freeholder’s charges were restricted to about 700 pounds.

Tiverton case:

Last Christmas we were called by Mr and Mrs. E López , who owned a one bedroom flat in Tiverton in April 2006. The question was if we could estimate the price could be to prolong the lease by a further 90 years. Identical flats in Tiverton with 100 year plus lease were worth £243,000. The mid-range ground rent payable was £65 invoiced annually. The lease came to a finish on 2 February 2089. Given that there were 63 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of fees.

Tiverton case:

Last Spring we were phoned by Mr S Howard , who owned a basement apartment in Tiverton in August 2002. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Similar homes in Tiverton with 100 year plus lease were in the region of £181,600. The mid-range amount of ground rent was £55 billed quarterly. The lease ran out on 20 September 2078. Given that there were 52 years remaining we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of costs.