Top reasons for Truro lease extension

Main reasons to commence your Truro lease extension today:

Increase your lease and increase your Truro property value

Truro leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Truro residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Truro you must see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Truro with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not finance a property on a short lease

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

Regardless of whether you are a tenant or a freeholder in Truro,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 Truro valuers.

Truro Lease Extension Example Cases:

Hugo, Truro, Cornwall

During the course of the last few months Hugo, came seriously near to the 80-year threshold with the lease on his leasehold flat in Truro. Having bought his flat 18 years previously, the length of the lease was of minimal relevance. Luckily, he recognised he would imminently be paying an inflated amount for a lease extension. Hugo was able to extend his lease at the eleventh hour last August. Hugo and the freeholder ultimately agreed on an amount of £5,000 . If he not met the deadline, the sum would have increased by a minimum £1,150.

Truro case:

In 2009 we were approached by Dr Tia Dupont who, having completed a recently refurbished apartment in Truro in August 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable properties in Truro with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 collected yearly. The lease expired on 9 January 2098. Having 72 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.

Truro case:

Mr Omar Morris bought a first floor apartment in Truro in October 1999. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar properties in Truro with a long lease were in the region of £256,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease finished in 2078. Having 52 years unexpired we approximated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 plus expenses.