Top reasons for Newton Ferrers lease extension

Main reasons to commence your Newton Ferrers lease extension today:

Increase your lease and increase your Newton Ferrers property value

Newton Ferrers leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Newton Ferrers tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Newton Ferrers you would be well advised to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Newton Ferrers flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Newton Ferrers if the unexpired lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

What makes us experts in Newton Ferrers lease extensions?

Lease extensions in Newton Ferrers can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Newton Ferrers lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Newton Ferrers Lease Extension Example Cases:

Shannon, Newton Ferrers, Devon,

After protracted negotiations with the landlord of her one bedroom apartment in Newton Ferrers, Shannon commenced the lease extension process just as the lease was coming close to the all-important 80-year mark. The transaction was concluded in January 2014. The freeholder’s costs were kept to an absolute minimum.

Newton Ferrers case:

Last Spring we were e-mailed by Ms Louise Stewart , who completed a newly refurbished apartment in Newton Ferrers in January 1998. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Comparative homes in Newton Ferrers with 100 year plus lease were in the region of £265,000. The mid-range amount of ground rent was £50 billed monthly. The lease terminated in 2099. Taking into account 73 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.

Newton Ferrers case:

Mr K Díaz bought a ground floor flat in Newton Ferrers in July 1996. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparative residencies in Newton Ferrers with a long lease were valued about £264,000. The mid-range amount of ground rent was £60 billed per annum. The lease expired on 3 October 2079. Given that there were 53 years unexpired we calculated the premium to the landlord for the lease extension to be within £37,100 and £42,800 plus professional charges.