Main reasons to commence your Woolacombe lease extension

Why you should start your Woolacombe lease extension today:

Increase your lease and increase your Woolacombe property value

For those whose Woolacombe flat is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than one hundred 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 decades to come.

Lending institutions may decide not to loan monies with a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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

Lease extensions in Woolacombe can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Woolacombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Woolacombe Lease Extension Example Cases:

Grace, Woolacombe, Devon,

In the wake of eight months of lengthy discussions with the landlord of her two bedroom flat in Woolacombe, Grace initiated the lease extension process just as her lease was coming close to the all-important 80-year mark. The transaction was finalised in January 2006. The landlord’s costs were kept to an absolute minimum.

Woolacombe case:

Ms G Martínez completed a studio apartment in Woolacombe in September 2009. The question was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Identical homes in Woolacombe with an extended lease were worth £210,000. The average amount of ground rent was £50 collected annually. The lease expired on 25 June 2106. Taking into account 80 years unexpired we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.

Woolacombe case:

Last Christmas we were approach by Dr U Cook , who completed a first floor apartment in Woolacombe in March 1998. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Woolacombe with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 collected annually. The lease finished on 17 October 2095. Taking into account 69 years unexpired we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus professional charges.