Main reasons to start your Whimple lease extension

Top reasons for lease extension now:

Increase your lease and increase your Whimple property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Whimple have the legal entitlement to extend the lease for an additional 90 years under statute. Do give careful consideration before delaying your Whimple lease extension. Postponing the costs now simply increases the amount you will ultimately be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Almost all mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will contemplate lending on it. Regardless of whether you require a mortgage, you should be mindful that it is reasonable to assume that someone wishing to buy your property in the future might well do, so in the event that they are unable to get a mortgage, then the market price of the property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Whimple lease extensions?

The conveyancing solicitors that we work with procure Whimple 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 lawyer we work with provide it.

Whimple Lease Extension Example Cases:

Isaac, Whimple, Devon

Last Autumn Isaac, came dangerously near to the eighty-year threshold with the lease on his one bedroom flat in Whimple. Having bought his property two decades ago, the lease term was of little bearing. Thankfully, he recognised he needed to take steps soon on Extending the lease. Isaac was able to extend his lease just in the nick of time in July. Isaac and the landlord who owned the flat above eventually agreed on sum of £5,500 . If the lease had gone lower than 80 years, the price would have gone up by at least £850.

Whimple case:

In 2012 we were approached by Mrs Imogen Wright who, having owned a garden flat in Whimple in February 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Whimple with 100 year plus lease were in the region of £257,800. The average amount of ground rent was £65 billed annually. The lease ran out in 2091. Considering the 65 years unexpired we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 plus expenses.

Whimple case:

Mr and Mrs. U Scott completed a first floor apartment in Whimple in February 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Whimple with an extended lease were in the region of £191,400. The average amount of ground rent was £55 collected per annum. The lease terminated in 2080. Having 54 years remaining we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 not including costs.