Top reasons for Truro lease extension

Why you should start your Truro lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Truro have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Truro lease extension. Putting off the costs today simply escalates the price you will ultimately have to pay to extend the lease.

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

Leasehold residencies in Truro with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not issue a mortgage on a short lease

Lenders do not lend on short residential leases. You most probably encounter difficulties if you need to sell your flat in Truro if the remaining term of your lease is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Truro lease extensions?

The conveyancers that we work with undertake Truro 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.

Truro Lease Extension Case Summaries:

Laura, Truro, Cornwall,

Trailing unsuccessful correspondence with the freeholder of her ground floor apartment in Truro, Laura initiated the lease extension process as the 80 year deadline was fast nearing. The legal work completed in November 2012. The landlord’s costs were kept to an absolute minimum.

Truro case:

Last Winter we were contacted by Mr P Brooks , who acquired a newly refurbished flat in Truro in January 2011. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Similar residencies in Truro with a long lease were worth £200,800. The average ground rent payable was £65 billed quarterly. The lease elapsed in 2086. Having 60 years as a residual term we estimated the premium to the landlord for the lease extension to be within £20,900 and £24,200 plus professional charges.

Truro case:

Last Autumn we were e-mailed by Ms Amber Williams , who purchased a first floor apartment in Truro in March 2001. We are asked if we could estimate the premium could be to extend the lease by 90 years. Similar homes in Truro with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected monthly. The lease expired in 2097. Considering the 71 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.