Main reasons to start your Whimple lease extension

Main reasons to start your Whimple lease extension today:

A Whimple lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Whimple you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

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

Mortgage lenders may decide not to loan monies on a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Whimple lease extensions?

The conveyancers that we work with undertake 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 conveyancer we work with provide it.

Whimple Lease Extension Example Cases:

Alex, Whimple, Devon

Half a year ago Alex, came dangerously close to the eighty-year threshold with the lease on his basement apartment in Whimple. In buying his flat twenty years previously, the lease term was of little importance. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Alex was able to extend his lease at the eleventh hour last September. Alex and the landlord who owned the flat above subsequently settled on the final figure of £5,500 . If he had missed the deadline, the amount would have increased by a minimum £1,125.

Whimple case:

In 2014 we were e-mailed by Mrs F Rodríguez who, having purchased a studio flat in Whimple in April 2002. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical properties in Whimple with an extended lease were in the region of £300,000. The average ground rent payable was £50 collected quarterly. The lease ended on 3 May 2102. Having 76 years remaining we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.

Whimple case:

Last Spring we were approach by Dr Max Torres , who purchased a purpose-built flat in Whimple in January 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Identical premises in Whimple with 100 year plus lease were worth £257,800. The average ground rent payable was £65 billed monthly. The lease ran out in 2091. Taking into account 65 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 plus expenses.