Main reasons to commence your Yelverton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Yelverton property value

When it comes to long leasehold premises in Yelverton, you are actually purchasing a right to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years remaining. Leasehold owners in Yelverton with a lease nearing 81 years remaining should seriously think of extending it as soon as possible. When the lease term has below 80 years outstanding, under the current statute the landlord can calculate and levy a greater premium, based on a technical multiplication, strangely termed as “marriage value” which is due.

Yelverton property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not grant a mortgage with a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Yelverton were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Yelverton lease extensions?

Retaining our service will provide you increased control over the value of your Yelverton leasehold, as your property will be more valuable and saleable in terms of 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.

Yelverton Lease Extension Case Studies:

Jayden, Yelverton, Devon

18 months ago Jayden, came very near to the eighty-year threshold with the lease on his ground floor apartment in Yelverton. Having purchased his flat 18 years ago, the length of the lease was of little relevance. Fortunately, he realised he would imminently be paying an escalated premium for Extending the lease. Jayden extended the lease at the eleventh hour last April. Jayden and the landlord in the end agreed on an amount of £5,000 . If he had missed the deadline, the amount would have gone up by a minimum £925.

Yelverton case:

In 2013 we were e-mailed by Mr Lewis Ramírez who, having owned a recently refurbished flat in Yelverton in May 2000. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Similar flats in Yelverton with an extended lease were worth £243,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease concluded in 2089. Taking into account 63 years left we calculated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 not including fees.

Yelverton case:

Last year we were contacted by Mr and Mrs. R Taylor , who moved into a one bedroom flat in Yelverton in April 2001. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparable homes in Yelverton with a long lease were valued around £181,600. The average amount of ground rent was £55 collected every twelve months. The lease ran out on 1 January 2078. Given that there were 52 years left we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including legals.