Top reasons for Torquay lease extension

Why you should commence your Torquay lease extension today:

Increase your lease and increase your Torquay property value

Torquay leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Torquay residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Torquay you would be well advised to investigate if your lease has between 70 and 90 years left. There are good reasons why a Torquay flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is effected without delay

Torquay property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Mortgage companies do not lend on short residential leases. You most probably encounter difficulties where you wish to sell your flat in Torquay if the remaining term of your lease is under the criteria set by most lenders. Different lenders have varying requirements but on the whole they are looking for an unexpired term of at least seventy years.

What makes us experts in Torquay lease extensions?

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

Torquay Lease Extension Example Cases:

Lily, Torquay, Devon,

After lengthy correspondence with the freeholder of her basement apartment in Torquay, Lily started the lease extension process as the 80 year threshold was swiftly approaching. The lease extension completed in August 2012. The landlord’s costs were kept to an absolute minimum.

Torquay case:

Mr and Mrs. G Lefebvre took over the lease of a studio apartment in Torquay in May 2010. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Comparable properties in Torquay with an extended lease were valued around £270,000. The average ground rent payable was £55 collected quarterly. The lease ran out on 3 April 2101. Given that there were 75 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Torquay case:

Last Christmas we were called by Dr O Collins , who was assigned a lease of a purpose-built apartment in Torquay in January 2006. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparable residencies in Torquay with a long lease were worth £168,800. The mid-range ground rent payable was £60 collected annually. The lease termination date was in 2081. Having 55 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus expenses.