Truro Lease Extension - Free Consultation

Before you progress with your lease extension in Truro
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

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Top reasons for Truro lease extension

Main reasons to commence your Truro lease extension today:

Increase your lease and increase your Truro property value

The value of Truro leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lenders will not grant a mortgage on a short lease

Mortgage Lenders differ in their lending requirements. Some draw the line at 75 years outstanding on the lease; others may be happy with anything with more than 70 years. Below sixty years, it may be impossible to get a mortgage in the first place.

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.
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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Truro lease extension solicitors or enfranchisement solicitors

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:

Freddie, Truro, Cornwall

During the course of the last few months Freddie, started to get close to the eighty-year threshold with the lease on his garden apartment in Truro. Having purchased his home 18 years previously, the unexpired term was of minimal relevance. Luckily, he realised he needed to take steps soon on Extending the lease. Freddie arranged for a lease extension at the eleventh hour in September. Freddie and the landlord ultimately agreed on a premium of £5,500 . If he had missed the deadline, the premium would have gone up by at least £1,000.

Truro case:

Last Spring we were contacted by Mr E Peterson , who took over the lease of a recently refurbished flat in Truro in October 1998. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Identical residencies in Truro with an extended lease were worth £173,800. The mid-range ground rent payable was £60 billed monthly. The lease lapsed on 20 May 2079. Given that there were 55 years left we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of fees.

Truro case:

Last Autumn we were approach by Mr Eliot Martínez , who owned a one bedroom flat in Truro in August 1995. The dilemma was if we could approximate the premium could be to extend the lease by a further 90 years. Similar flats in Truro with a long lease were worth £235,200. The mid-range ground rent payable was £45 invoiced quarterly. The lease finished on 4 October 2090. Taking into account 66 years remaining we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.