Top reasons for Barnstaple lease extension

Top reasons for lease extension now:

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

Barnstaple leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Barnstaple will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not qualify. There are prescribed timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancer during the process.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not issue a mortgage with a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering plenty of flats in Barnstaple were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Barnstaple lease extensions?

Using our service will provide you enhanced control over the value of your Barnstaple 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.

Barnstaple Lease Extension Example Cases:

Shannon, Barnstaple, Devon,

In the wake of 6 months of protracted discussions with the freeholder of her studio flat in Barnstaple, Shannon initiated the lease extension process just as her lease was coming close to the crucial 80-year threshold. The lease extension completed in October 2009. The landlord’s charges were restricted to about 550 pounds.

Barnstaple case:

Last Winter we were contacted by Dr D Howard , who bought a garden flat in Barnstaple in May 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative homes in Barnstaple with a long lease were in the region of £255,000. The mid-range amount of ground rent was £50 billed annually. The lease concluded on 18 August 2096. Considering the 70 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £10,500 and £12,000 exclusive of legals.

Barnstaple case:

Mrs Leah Wood moved into a garden flat in Barnstaple in February 2002. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Identical properties in Barnstaple with a long lease were worth £246,800. The mid-range ground rent payable was £60 billed annually. The lease ended on 10 March 2076. Considering the 50 years left we estimated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 exclusive of expenses.