Why you should commence your Kidwelly lease extension

Main reasons to start your Kidwelly lease extension today:

Increase your lease and increase your Kidwelly property value

The closer a residential lease in Kidwelly gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, in excess of 100 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner than later. Many flat owners in Kidwelly will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning funds charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term slips under a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Kidwelly property.

Why use us for your lease extension in Kidwelly?

Retaining our service will provide you better control over the value of your Kidwelly leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kidwelly Lease Extension Case Studies:

Alex, Kidwelly, Ammanford,

Alex owned a studio flat in Kidwelly being sold with a lease of just over 59 years unexpired. Alex informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Alex to invoke his statutory right. Alex procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.

Kidwelly case:

Mr and Mrs. M Ali bought a one bedroom flat in Kidwelly in October 2009. The question was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Kidwelly with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 invoiced annually. The lease concluded in 2077. Given that there were 51 years left we estimated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 plus professional charges.

Kidwelly case:

Mr and Mrs. J Gunderson bought a one bedroom apartment in Kidwelly in June 2012. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical premises in Kidwelly with an extended lease were worth £210,600. The mid-range ground rent payable was £45 collected per annum. The lease elapsed in 2088. Considering the 62 years as a residual term we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus fees.