Stop! Your Lease Extension in Truro Could Be FREE

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Many leaseholders in Truro are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Truro has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

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 market value of Truro leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is below than eighty years

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not issue a mortgage on a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years left once the mortgage has expired. Given that many flats in Truro were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Truro lease extensions?

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

Truro Lease Extension Example Cases:

Abbie, Truro, Cornwall,

Subsequent to lengthy correspondence with the landlord of her leasehold apartment in Truro, Abbie commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The legal work completed in November 2007. The landlord’s fees were negotiated to less than 450 pounds.

Truro case:

In 2012 we were phoned by Mr and Mrs. R King who, having acquired a garden apartment in Truro in November 2000. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Similar homes in Truro with an extended lease were worth £191,000. The average ground rent payable was £65 invoiced quarterly. The lease expiry date was on 1 May 2084. Considering the 58 years unexpired we estimated the premium to the landlord for the lease extension to be between £23,800 and £27,400 plus expenses.

Truro case:

Last Summer we were phoned by Mr and Mrs. R Hall , who acquired a ground floor apartment in Truro in October 2009. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Similar residencies in Truro with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 billed monthly. The lease terminated in 2095. Given that there were 69 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.