Why you should commence your Whitland lease extension

Top reasons for lease extension now:

Increase your lease and increase your Whitland property value

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

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies with a short lease

Banks and building societies are really clamping down as regards to homes in Whitland with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting the number of prospective purchasers.

What makes us experts in Whitland lease extensions?

Using our service gives you increased control over the value of your Whitland leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Whitland Lease Extension Case Summaries:

Ryan, Whitland, Ammanford,

Ryan was the the leasehold owner of a studio flat in Whitland being marketed with a lease of fraction over fifty eight years remaining. Ryan informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ryan to invoke his statutory right. Ryan procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Whitland case:

In 2012 we were e-mailed by Mr Adam Girard who, having purchased a ground floor apartment in Whitland in February 1995. The dilemma was if we could approximate the price could be to extend the lease by 90 years. Similar flats in Whitland with an extended lease were in the region of £275,000. The average amount of ground rent was £45 billed monthly. The lease elapsed in 2095. Considering the 69 years remaining we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus fees.

Whitland case:

Last Christmas we were approach by Dr I François , who moved into a first floor flat in Whitland in October 1998. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative residencies in Whitland with 100 year plus lease were valued about £216,000. The mid-range ground rent payable was £60 invoiced per annum. The lease finished on 2 May 2084. Considering the 58 years unexpired we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.