Main reasons to start your Bedwas lease extension

Main reasons to commence your Bedwas lease extension today:

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

Bedwas leases on residential properties are gradually losing value. if your lease has in the region of ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher premium will be due. Leasehold owners in Bedwas will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain situations you may not be entitled. There are also strict deadlines and formalities to follow once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Bedwas with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to lend on a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. Historically mortgage companies were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Bedwas lease extensions?

The conveyancers that we work with undertake Bedwas 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 conveyancing solicitor we work with provide it.

Bedwas Lease Extension Example Cases:

Sophie, Bedwas, Caerphilly,

After lengthy discussions with the freeholder of her garden flat in Bedwas, Sophie started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The transaction was finalised in October 2012. The freeholder’s charges were restricted to a tad over 550 pounds.

Bedwas case:

In 2010 we were called by Mr and Mrs. A Parker who, having acquired a one bedroom apartment in Bedwas in November 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative flats in Bedwas with an extended lease were worth £208,600. The mid-range amount of ground rent was £60 invoiced monthly. The lease came to a finish in 2083. Taking into account 57 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including expenses.

Bedwas case:

Dr Kirsty Davies completed a one bedroom apartment in Bedwas in August 2006. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Similar properties in Bedwas with an extended lease were valued around £200,000. The average amount of ground rent was £50 billed annually. The lease elapsed in 2103. Taking into account 77 years remaining we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.