Whitland Lease Extension - Free Consultation

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

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Main reasons to commence your Whitland lease extension


Why you should commence your Whitland lease extension today:

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

It’s a harsh truth that a Whitland residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Whitland property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If lease term drops under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Whitland will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Lenders may not loan monies on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be deficient for lending purposes.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Retaining our service gives you better control over the value of your Whitland leasehold, as your property will be more valuable and saleable in terms of 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:

Kian, Whitland, Ammanford,

Kian owned a 2 bedroom apartment in Whitland on the market with a lease of a few days over 59 years unexpired. Kian informally approached his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to agree 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. No ground rent would be payable on a lease extension were Kian to exercise his statutory right. Kian procured expert advice and secured satisfactory deal informally and readily saleable.

Whitland case:

Last Autumn we were approach by Dr Jackson Wood , who owned a one bedroom flat in Whitland in August 1995. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar premises in Whitland with an extended lease were valued around £174,200. The mid-range ground rent payable was £55 billed yearly. The lease end date was on 28 November 2076. Taking into account 51 years left we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus fees.

Whitland case:

Last Summer we were phoned by Mr and Mrs. G Martin , who purchased a garden flat in Whitland in August 2000. The dilemma was if we could approximate the premium would be to extend the lease by an additional years. Comparable properties in Whitland with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 collected per annum. The lease came to a finish on 12 April 2096. Given that there were 71 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.