Top reasons for Torquay lease extension

Top reasons for lease extension now:

Increase your lease and increase your Torquay property value

The market value of Torquay leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is below than 80 years

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

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders will not grant a mortgage with a short lease

Mortgage companies 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 the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing the number of prospective buyers.

What makes us experts in Torquay lease extensions?

The conveyancing solicitors that we work with handle Torquay lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Torquay Lease Extension Example Cases:

Connor, Torquay, Devon

During the course of the last few months Connor, started to get near to the eighty-year mark with the lease on his first floor apartment in Torquay. In buying his property two decades ago, the unexpired term was of no relevance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Connor extended the lease just in the nick of time in January. Connor and the freeholder via the management company in the end settled on sum of £6,000 . If the lease had slid to less than 80 years, the premium would have increased by at least £950.

Torquay case:

Mr and Mrs. G Miller acquired a recently refurbished apartment in Torquay in June 2011. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparative residencies in Torquay with 100 year plus lease were in the region of £237,600. The average amount of ground rent was £45 invoiced per annum. The lease terminated in 2093. Given that there were 67 years left we estimated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus professional charges.

Torquay case:

Last month we were phoned by Dr Jasper Brooks , who completed a studio apartment in Torquay in July 1995. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Comparative properties in Torquay with 100 year plus lease were worth £280,000. The average ground rent payable was £55 billed every twelve months. The lease ended on 28 October 2104. Having 78 years remaining we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.