Why you should start your Torrington lease extension

Main reasons to start your Torrington lease extension today:

Increase your lease and increase your Torrington property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Torrington have the legal entitlement to extend the lease for a further ninety years under legislation. Please give careful consideration before delaying your Torrington lease extension. Putting off that expense today simply escalates the amount you will ultimately have to pay for a lease extension.

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

Leasehold properties in Torrington with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This may be problematic once you wish to dispose of or refinance your flat as it will be practically unmortgageable. Even though you might have no immediate plan to sell but when you do your purchaser must hold off for two years before they can initiate the legal procedures for a lease extension.

What makes us experts in Torrington lease extensions?

The conveyancing solicitors that we work with undertake Torrington 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 conveyancing solicitor we work with provide it.

Torrington Lease Extension Example Cases:

Ethan, Torrington, Devon,

Ethan was the the leasehold owner of a studio flat in Torrington on the market with a lease of fraction over sixty years left. Ethan on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Torrington case:

Dr Gemma Girard moved into a garden apartment in Torrington in July 2003. The dilemma was if we could estimate the price could be to prolong the lease by a further 90 years. Similar flats in Torrington with a long lease were worth £225,400. The mid-range ground rent payable was £45 billed quarterly. The lease concluded in 2090. Taking into account 64 years outstanding we approximated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 plus costs.

Torrington case:

In 2012 we were called by Mrs Isabel Pérez who, having bought a one bedroom apartment in Torrington in November 1996. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Comparable flats in Torrington with a long lease were valued around £270,000. The mid-range ground rent payable was £55 collected every twelve months. The lease came to a finish in 2101. Having 75 years remaining we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.