Why you should start your Mynydd Isa lease extension

Why you should commence your Mynydd Isa lease extension today:

Increase your lease and increase your Mynydd Isa property value

The market 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 materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Mynydd Isa with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not issue a mortgage with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be inadequate security.

What makes us experts in Mynydd Isa lease extensions?

Engaging our service will provide you increased control over the value of your Mynydd Isa leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Mynydd Isa Lease Extension Case Studies:

Phoebe, Mynydd Isa, Flintshire,

In the wake of eight months of lengthy negotiations with the freeholder of her garden flat in Mynydd Isa, Phoebe initiated the lease extension process as the 80 year deadline was swiftly nearing. The lease extension completed in June 2007. The freeholder’s charges were restricted to a tad over 700 pounds.

Mynydd Isa case:

Mr and Mrs. K Thompson took over the lease of a one bedroom flat in Mynydd Isa in July 2004. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Identical residencies in Mynydd Isa with a long lease were worth £290,000. The average amount of ground rent was £55 invoiced monthly. The lease came to a finish on 22 August 2106. Given that there were 80 years unexpired we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus fees.

Mynydd Isa case:

In 2009 we were approached by Ms Millie André who, having acquired a one bedroom apartment in Mynydd Isa in November 2000. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Similar residencies in Mynydd Isa with an extended lease were worth £200,800. The mid-range amount of ground rent was £65 billed every twelve months. The lease concluded in 2086. Given that there were 60 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 not including professional charges.