Pentwyn Lease Extension - Free Consultation

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Before you progress with your lease extension in Pentwyn
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Pentwyn lease extension

Top reasons for lease extension now:

A Pentwyn lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Pentwyn you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone wishing to buy your property in the future might well do, so in the event that they are unable to get a mortgage, then the market price of your property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Pentwyn?

Using our service will provide you enhanced control over the value of your Pentwyn leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Pentwyn Lease Extension Case Studies:

Ellen, Pentwyn, Cardiff,

Subsequent to lengthy correspondence with the freeholder of her one bedroom flat in Pentwyn, Ellen commenced the lease extension process as the 80 year mark was quickly coming. The lease extension completed in January 2010. The freeholder’s costs were kept to an absolute minimum.

Pentwyn case:

Last Summer we were e-mailed by Dr Grace Gray , who took over the lease of a one bedroom flat in Pentwyn in January 2006. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Pentwyn with 100 year plus lease were valued around £191,400. The mid-range amount of ground rent was £55 invoiced annually. The lease termination date was on 15 March 2079. Given that there were 54 years outstanding we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of professional charges.

Pentwyn case:

In 2009 we were contacted by Dr Laura Bennett who, having purchased a ground floor apartment in Pentwyn in June 1998. The question was if we could estimate the price would be to extend the lease by ninety years. Comparable flats in Pentwyn with an extended lease were worth £295,000. The average ground rent payable was £45 collected per annum. The lease termination date was in 2099. Considering the 74 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.