Top reasons for Torpoint lease extension

Top reasons for lease extension now:

Increase your lease and increase your Torpoint property value

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

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies with a short lease

Many mortgage companies require a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is probable that someone wanting to acquire your property in the future might well do, so if they are not able to obtain a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Torpoint?

Regardless of whether you are a tenant or a landlord in Torpoint,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Torpoint valuers.

Torpoint Lease Extension Example Cases:

Sophia, Torpoint, Cornwall,

Trailing unsuccessful negotiations with the landlord of her two bedroom apartment in Torpoint, Sophia started the lease extension process as the eighty year deadline was fast nearing. The transaction completed in September 2015. The landlord’s costs were kept to an absolute minimum.

Torpoint case:

In 2013 we were approached by Dr I Hill who, having bought a first floor flat in Torpoint in October 2011. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Similar premises in Torpoint with 100 year plus lease were valued about £290,000. The mid-range ground rent payable was £45 collected every twelve months. The lease finished in 2099. Taking into account 73 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.

Torpoint case:

Mr Harvey Roberts took over the lease of a one bedroom apartment in Torpoint in June 1997. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Torpoint with a long lease were valued about £240,600. The average ground rent payable was £60 collected quarterly. The lease came to a finish in 2088. Considering the 62 years remaining we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of costs.