Why you should commence your Abercarn lease extension

Why you should commence your Abercarn lease extension today:

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

For those whose Abercarn home is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

Abercarn property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties when you need to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you might have no imminent intention to sell but when you do your buyer will have to hold off for a couple of years before being able to initiate the legal procedures for a lease extension.

Why use us for your lease extension in Abercarn?

Lease extensions in Abercarn can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 a wealth of experience 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 Studies:

Jude, Abercarn, Caerphilly

In recent months Jude, started to get near to the 80-year mark with the lease on his basement flat in Abercarn. Having purchased his property two decades ago, the lease term was of minimal relevance. Fortunately, he recognised he would soon be paying way over the odds for Extending the lease. Jude was able to extend his lease just ahead of time last May. Jude and the freeholder via the managing agents ultimately settled on an amount of £5,500 . If he failed to meet the deadline, the amount would have become more costly by at least £950.

Abercarn case:

Last Autumn we were called by Mr and Mrs. U Flores , who acquired a one bedroom flat in Abercarn in June 2000. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Comparative residencies in Abercarn with an extended lease were valued about £250,400. The average ground rent payable was £65 collected monthly. The lease lapsed on 21 October 2090. Considering the 64 years unexpired we calculated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 plus fees.

Abercarn case:

In 2013 we were called by Mr and Mrs. C Roberts who, having acquired a one bedroom flat in Abercarn in September 1997. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Comparative residencies in Abercarn with a long lease were worth £189,000. The average ground rent payable was £55 collected quarterly. The lease finished in 2079. Taking into account 53 years remaining we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including legals.