Why you should start your Falmouth lease extension

Why you should start your Falmouth lease extension today:

Increase your lease and increase your Falmouth property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Falmouth. Clearly, the period of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or refinanced. 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 Falmouth have the legal entitlement to extend the lease for an additional 90 years under statute. Please give careful attention before putting off your Falmouth lease extension. Putting off that expense now simply increases the price you will eventually incur for a lease extension

Falmouth property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 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 premises will be equivalent in value to a freehold for many years in the future.

Lenders may not loan monies with a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in Falmouth if the remaining lease term is below the criteria set by the majority of lenders. Different mortgage companies have different criteria but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Falmouth?

Regardless of whether you are a tenant or a landlord in Falmouth,the lease extension lawyers 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 Falmouth valuers.

Falmouth Lease Extension Example Cases:

Stanley, Falmouth, Cornwall

Last October Stanley, came critically near to the 80-year mark with the lease on his purpose- built apartment in Falmouth. Having purchased his flat 19 years ago, the length of the lease was of little significance. by good luck, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Stanley extended the lease just under the wire last September. Stanley and the landlord subsequently agreed on sum of £6,000 . If the lease had dipped lower than eighty years, the price would have gone up by at least £1,100.

Falmouth case:

Dr Jodie Taylor moved into a first floor flat in Falmouth in July 2011. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparable premises in Falmouth with an extended lease were valued about £183,600. The mid-range amount of ground rent was £65 billed annually. The lease elapsed in 2083. Given that there were 57 years left we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus costs.

Falmouth case:

In 2014 we were approached by Dr L Thompson who, having owned a garden apartment in Falmouth in March 1996. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Similar flats in Falmouth with a long lease were worth £250,000. The average amount of ground rent was £50 billed quarterly. The lease ended on 20 May 2094. Considering the 68 years unexpired we approximated the compensation to the landlord to extend the lease to be between £10,500 and £12,000 plus professional charges.