Top reasons for Torpoint lease extension

Main reasons to commence your Torpoint lease extension today:

A Torpoint leasehold property depreciates with the years remaining on the lease.

Torpoint leases on domestic deteriorating in value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease falls under eighty years - otherwise a higher amount will be payable. Flat owners in Torpoint will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain circumstances you may not qualify. There are also strict timetables and steps to follow once the process is triggered so it’s sensible to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Torpoint with more than one hundred years left on the lease are sometimes regarded as a ‘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 freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to lend on a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so where they can't obtain a mortgage, then the market price of your property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Torpoint lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with procure Torpoint 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.

Torpoint Lease Extension Example Cases:

Emily, Torpoint, Cornwall,

After lengthy correspondence with the landlord of her basement apartment in Torpoint, Emily commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The legal work completed in November 2006. The landlord’s charges were kept to an absolute minimum.

Torpoint case:

Last Christmas we were e-mailed by Mr and Mrs. N Hill , who was assigned a lease of a garden apartment in Torpoint in January 1996. The dilemma was if we could approximate the price could be to prolong the lease by ninety years. Similar premises in Torpoint with a long lease were worth £275,000. The mid-range amount of ground rent was £45 collected annually. The lease came to a finish in 2095. Given that there were 69 years unexpired we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.

Torpoint case:

Dr Hugo Peterson was assigned a lease of a garden flat in Torpoint in February 2010. The dilemma was if we could approximate the premium would likely be to extend the lease by a further 90 years. Comparable flats in Torpoint with a long lease were worth £216,000. The average ground rent payable was £60 collected annually. The lease end date was in 2084. Taking into account 58 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including fees.