Top reasons for Adamsdown lease extension

Top reasons for lease extension now:

Increase your lease and increase your Adamsdown property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Adamsdown may extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Adamsdown lease extension. Putting off that expense today simply escalates the premium you will ultimately have to pay to extend the lease.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders may not loan monies on a short lease

Mortgage lenders have set criteria when lending funds charged on leasehold homes. Some will simply refuse lend at all once the remaining lease term goes under a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Adamsdown home.

Why use us for your lease extension in Adamsdown?

The conveyancers that we work with procure Adamsdown lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Adamsdown Lease Extension Example Cases:

Samantha, Adamsdown, Cardiff,

Subsequent to protracted correspondence with the freeholder of her two bedroom apartment in Adamsdown, Samantha initiated the lease extension process just as the lease was approaching the critical eighty-year deadline. The legal work was concluded in September 2015. The landlord’s fees were kept to an absolute minimum.

Adamsdown case:

Mr and Mrs. N López acquired a ground floor apartment in Adamsdown in March 1996. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparative residencies in Adamsdown with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £55 billed monthly. The lease elapsed on 3 October 2103. Having 77 years remaining we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of fees.

Adamsdown case:

Last year we were contacted by Mr W Johnson , who was assigned a lease of a garden apartment in Adamsdown in October 2007. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Identical properties in Adamsdown with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 collected per annum. The lease ran out on 7 February 2083. Given that there were 57 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.