Main reasons to commence your Blackwood lease extension

Main reasons to start your Blackwood lease extension today:

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

Blackwood leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease falls under 80 years - otherwise a higher premium will be due. Flat owners in Blackwood will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In certain circumstances you may not qualify. There are also strict timetables and procedures to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.

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

Leasehold properties in Blackwood with more than one hundred years unexpired on the lease are often 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 service charges warrant it.

Lending institutions may not finance a property on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be conscious that it is likely that someone wishing to purchase your property in the future might well do, so if they can't get a mortgage, then the value of your property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Blackwood lease extensions?

Engaging our service will provide you enhanced control over the value of your Blackwood leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Blackwood Lease Extension Case Studies:

Ryan, Blackwood, Caerphilly

Half a year ago Ryan, came precariously near to the eighty-year threshold with the lease on his studio flat in Blackwood. In buying his home twenty years previously, the lease term was of no interest. Fortunately, he realised he needed to take steps soon on Extending the lease. Ryan arranged for a lease extension just under the wire last June. Ryan and the landlord who owned the flat above in the end settled on sum of £5,500 . If the lease had slipped below 80 years, the premium would have increased by a minimum £1,150.

Blackwood case:

In 2013 we were called by Dr C Carter who, having completed a recently refurbished flat in Blackwood in March 1997. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable properties in Blackwood with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 collected monthly. The lease lapsed in 2098. Taking into account 72 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of legals.

Blackwood case:

In 2009 we were e-mailed by Mr and Mrs. F Scott who, having moved into a first floor flat in Blackwood in July 2004. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar flats in Blackwood with a long lease were worth £233,200. The average amount of ground rent was £60 collected quarterly. The lease came to a finish in 2087. Given that there were 61 years left we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including expenses.