Why you should commence your Mynydd Isa lease extension

Why you should start your Mynydd Isa lease extension today:

Increase your lease and increase your Mynydd Isa property value

The value of Mynydd Isa 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 substantially once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will be problematic as and when you need to market or refinance your flat as it will be effectively unmortgageable. Even though you may have no imminent plan to sell but when you do your purchaser must wait a couple of years before they can commence the legal procedures for a lease extension.

What makes us experts in Mynydd Isa lease extensions?

Lease extensions in Mynydd Isa can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 Mynydd Isa lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mynydd Isa Lease Extension Case Summaries:

Lucas, Mynydd Isa, Flintshire

Last year Lucas, came very near to the eighty-year threshold with the lease on his garden apartment in Mynydd Isa. In buying his home 18 years previously, the unexpired term was of minimal importance. by good luck, he recognised he would imminently be paying way over the odds for Extending the lease. Lucas was able to extend his lease at the eleventh hour in March. Lucas and the landlord who owned the flat above subsequently settled on an amount of £5,000 . If he not met the deadline, the sum would have become more exhorbitant by a minimum £1,100.

Mynydd Isa case:

In 2012 we were called by Mr I Rogers who, having bought a one bedroom apartment in Mynydd Isa in November 2007. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparable homes in Mynydd Isa with 100 year plus lease were valued around £264,000. The average ground rent payable was £60 invoiced per annum. The lease ended on 7 October 2079. Considering the 53 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including costs.

Mynydd Isa case:

In 2010 we were contacted by Mr and Mrs. N Brooks who, having owned a basement apartment in Mynydd Isa in September 2005. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar flats in Mynydd Isa with a long lease were worth £225,400. The mid-range amount of ground rent was £45 billed annually. The lease terminated in 2090. Taking into account 64 years unexpired we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 exclusive of legals.