Stop! Your Lease Extension in Abercarn Could Be FREE

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Many leaseholders in Abercarn are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Abercarn has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Abercarn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Abercarn property value

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

An extended lease has roughly the same value as a freehold

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

Banks and Building Societies will not grant a mortgage with a short lease

The trend since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Lease extensions in Abercarn can be a difficult process. We recommend you secure professional help from a lawyer and surveyor 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 in-depth market knowledge procuring Abercarn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Abercarn Lease Extension Case Summaries:

Callum, Abercarn, Caerphilly,

Callum was the the leasehold owner of a conversion apartment in Abercarn being sold with a lease of a few days over 72 years left. Callum on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Callum to exercise his statutory right. Callum procured expert advice and was able to make an informed judgement and handle with the matter and sell the property.

Abercarn case:

Dr W Bernard moved into a one bedroom flat in Abercarn in January 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Identical homes in Abercarn with an extended lease were worth £223,400. The average ground rent payable was £60 collected quarterly. The lease concluded on 12 March 2085. Taking into account 59 years remaining we calculated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 exclusive of legals.

Abercarn case:

Last Spring we were contacted by Mr E Rogers , who completed a basement apartment in Abercarn in June 2003. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar homes in Abercarn with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected per annum. The lease terminated on 25 March 2105. Taking into account 79 years left we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.