Main reasons to commence your Torquay lease extension

Main reasons to start your Torquay lease extension today:

A Torquay leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Torquay you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lenders may not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Torquay with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the amount of potential purchasers.

Get in touch with one of our Torquay lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you better control over the value of your Torquay leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Torquay Lease Extension Case Studies:

Leo, Torquay, Devon

Last October Leo, started to get close to the eighty-year mark with the lease on his leasehold apartment in Torquay. In buying his property 19 years previously, the unexpired term was of little significance. As luck would have it, he noticed he would imminently be paying an escalated premium for Extending the lease. Leo extended the lease at the eleventh hour in September. Leo and the landlord subsequently settled on an amount of £5,500 . If he had missed the deadline, the figure would have gone up by a minimum £1,075.

Torquay case:

Last year we were e-mailed by Mr R Kelly , who bought a garden flat in Torquay in February 2003. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Identical residencies in Torquay with an extended lease were in the region of £256,600. The average ground rent payable was £60 invoiced yearly. The lease lapsed on 26 October 2078. Considering the 52 years as a residual term we estimated the premium to the landlord for the lease extension to be within £41,800 and £48,400 exclusive of professional charges.

Torquay case:

Mr D Allen purchased a first floor apartment in Torquay in October 1998. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Torquay with 100 year plus lease were worth £218,000. The mid-range ground rent payable was £45 collected yearly. The lease termination date was on 12 July 2089. Taking into account 63 years left we estimated the premium to the landlord for the lease extension to be within £17,100 and £19,800 plus professional charges.