Main reasons to start your Carbis Bay lease extension

Main reasons to start your Carbis Bay lease extension today:

Increase your lease and increase your Carbis Bay property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Carbis Bay. Inevitably, the term of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the property needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Carbis Bay have the right to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give due deliberation before putting off your Carbis Bay lease extension. Holding off the cost now only increases the price you will eventually have to pay for a lease extension

An extended lease has roughly 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 any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage with a short lease

Nearly all mortgage companies will not lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this could result in your Carbis Bay property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Carbis Bay lease extensions?

Irrespective of whether you are a tenant or a landlord in Carbis Bay,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Carbis Bay valuers.

Carbis Bay Lease Extension Case Studies:

Felix, Carbis Bay, Cornwall,

Felix was the the leasehold proprietor of a conversion flat in Carbis Bay on the market with a lease of just over 61 years remaining. Felix on an informal basis contacted his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Felix to invoke his statutory right. Felix obtained expert advice and was able to make a more informed decision and deal with the matter and sell the property.

Carbis Bay case:

Mr and Mrs. S Davis bought a one bedroom flat in Carbis Bay in July 1997. The question was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Similar homes in Carbis Bay with 100 year plus lease were valued about £280,000. The average amount of ground rent was £55 billed every twelve months. The lease ended on 9 September 2103. Taking into account 77 years remaining we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.

Carbis Bay case:

Last year we were phoned by Mr and Mrs. L Stewart , who took over the lease of a first floor apartment in Carbis Bay in November 2007. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative premises in Carbis Bay with an extended lease were valued around £183,600. The mid-range amount of ground rent was £65 billed quarterly. The lease came to a finish in 2083. Having 57 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.