Why you should start your Newbridge lease extension

Why you should start your Newbridge lease extension today:

A Newbridge leasehold property depreciates with the years remaining on the lease.

The nearer a residential lease in Newbridge nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, in excess of 125 years remaining then this decrease may be negligible however there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner as opposed to later. Most flat owners in Newbridge 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 frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 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 equivalent in value to a freehold for many years in the future.

Lenders may decide not to issue a mortgage with a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems if you need to sell your flat in Newbridge if the unexpired term of your lease is less than the criteria set by the majority of lenders. Different lenders have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

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

Lease extensions in Newbridge can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 a wealth of experience procuring Newbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Newbridge Lease Extension Example Cases:

Isabelle, Newbridge, Caerphilly,

After lengthy correspondence with the landlord of her first floor flat in Newbridge, Isabelle commenced the lease extension process just as the lease was coming close to the critical eighty-year deadline. The lease extension was finalised in April 2012. The landlord’s fees were negotiated to approximately 600 pounds.

Newbridge case:

In 2010 we were e-mailed by Mr and Mrs. V Roux who, having took over the lease of a ground floor flat in Newbridge in June 1998. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparative premises in Newbridge with 100 year plus lease were valued about £254,200. The average amount of ground rent was £60 collected annually. The lease concluded on 27 July 2077. Taking into account 51 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 plus costs.

Newbridge case:

In 2013 we were approached by Dr Olivia González who, having moved into a basement apartment in Newbridge in July 2009. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative properties in Newbridge with 100 year plus lease were valued around £210,600. The average amount of ground rent was £45 invoiced annually. The lease termination date was in 2088. Given that there were 62 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of costs.