Top reasons for Whitland lease extension

Why you should start your Whitland lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Whitland can extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Whitland lease extension. Postponing the costs now simply escalates the price you will ultimately have to pay for a lease extension.

Whitland property with a lease extension has roughly the same value as a freehold

Leasehold premises in Whitland with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will 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 seventy years as they are regarded as insufficient for lending purposes.

Why use us for your lease extension in Whitland?

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

Whitland Lease Extension Example Cases:

Daniel, Whitland, Ammanford

In recent months Daniel, came seriously close to the eighty-year threshold with the lease on his first floor apartment in Whitland. In buying his home two decades ago, the lease term was of little significance. by good luck, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Daniel extended the lease at the eleventh hour last January. Daniel and the landlord who owned the flat above ultimately settled on a premium of £5,500 . If the lease had fallen lower than 80 years, the price would have escalated by a minimum £1,000.

Whitland case:

Last Winter we were approach by Dr F Young , who took over the lease of a studio flat in Whitland in March 2012. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical premises in Whitland with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease expired on 28 January 2099. Considering the 73 years left we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Whitland case:

Last Winter we were contacted by Mr and Mrs. S Cox , who took over the lease of a purpose-built flat in Whitland in July 2004. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar flats in Whitland with 100 year plus lease were worth £240,600. The average ground rent payable was £60 billed every twelve months. The lease came to a finish in 2088. Given that there were 62 years outstanding we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including fees.