Why you should start your Torpoint lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Torpoint you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to loan monies on a short lease

What makes us experts in Torpoint lease extensions?

The conveyancing solicitors that we work with undertake 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:

Rory, Torpoint, Cornwall

Last October Rory, started to get close to the 80-year mark with the lease on his basement flat in Torpoint. Having bought his home two decades ago, the unexpired term was of little significance. by good luck, he recognised he would imminently be paying way over the odds for a lease extension. Rory was able to extend his lease just in the nick of time in August. Rory and the landlord eventually settled on an amount of £5,000 . If the lease had descended below 80 years, the figure would have escalated by a minimum £1,025.

Torpoint case:

Mrs Lucy Moreau bought a one bedroom flat in Torpoint in March 2011. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparative flats in Torpoint with an extended lease were in the region of £216,000. The average amount of ground rent was £60 invoiced annually. The lease ended on 11 November 2084. Having 58 years left we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus expenses.

Torpoint case:

Dr H Bell owned a basement flat in Torpoint in February 2001. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparable properties in Torpoint with 100 year plus lease were in the region of £205,000. The average amount of ground rent was £50 billed yearly. The lease finished on 18 June 2104. Given that there were 78 years left we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.