Top reasons for Umberleigh lease extension

Why you should commence your Umberleigh lease extension today:

Increase your lease and increase your Umberleigh property value

Umberleigh leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Umberleigh tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Umberleigh you must investigate if your lease has between 70 and ninety years left. There are compelling reasons why a Umberleigh leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to finance a property on a short lease

Nearly all mortgage lenders will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Umberleigh property becoming difficult to dispose of or remortgage.

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

Using our service gives you enhanced control over the value of your Umberleigh leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Umberleigh Lease Extension Example Cases:

Omar, Umberleigh, Devon

Last year Omar, came perilously near to the 80-year mark with the lease on his one bedroom flat in Umberleigh. Having purchased his property two decades ago, the lease term was of no importance. Thankfully, he realised he needed to take action soon on a lease extension. Omar arranged for a lease extension just under the wire in July. Omar and the landlord ultimately settled on the final figure of £5,500 . If the lease had descended lower than eighty years, the amount would have gone up by at least £975.

Umberleigh case:

Mr T Lefèvre purchased a basement flat in Umberleigh in June 2009. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparable flats in Umberleigh with an extended lease were in the region of £265,200. The mid-range amount of ground rent was £65 billed monthly. The lease ran out on 4 September 2092. Given that there were 66 years remaining we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 not including expenses.

Umberleigh case:

Mr and Mrs. C Laurent completed a one bedroom flat in Umberleigh in May 2005. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Similar properties in Umberleigh with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 billed yearly. The lease terminated in 2081. Given that there were 55 years left we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus legals.