Main reasons to commence your Abertridwr lease extension

Top reasons for lease extension now:

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

With a domestic leasehold premises in Abertridwr, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially once there are less than 80 years remaining. Residents in Abertridwr with a lease nearing 81 years left should seriously think of extending it without delay. Once the lease term has under eighty years outstanding, under the relevant Act the freeholder is entitled to calculate and demand a larger premium, based on a technical calculation, known as “marriage value” which is payable.

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This may cause difficulties when you come to market or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an immediate plan to sell but when you do your buyer will have to wait a couple of years before being able to exercise the right to a a lease extension.

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

Lease extensions in Abertridwr can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in lease extensions.

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 Abertridwr lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Abertridwr Lease Extension Case Summaries:

Shannon, Abertridwr, Caerphilly,

Off the back of lengthy discussions with the freeholder of her basement apartment in Abertridwr, Shannon started the lease extension process as the 80 year deadline was swiftly coming. The legal work completed in April 2008. The freeholder’s charges were restricted to less than 650 GBP.

Abertridwr case:

Last March we were called by Mr and Mrs. N Vincent , who acquired a garden flat in Abertridwr in April 1998. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative homes in Abertridwr with a long lease were valued around £225,400. The mid-range amount of ground rent was £45 collected monthly. The lease ended on 10 October 2090. Given that there were 64 years left we estimated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus costs.

Abertridwr case:

Mr and Mrs. I Anderson took over the lease of a ground floor flat in Abertridwr in November 1996. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical premises in Abertridwr with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed annually. The lease expiry date was in 2101. Given that there were 75 years outstanding we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.