Main reasons to commence your Boncath lease extension

Main reasons to start your Boncath lease extension today:

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

Boncath residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease is almost 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 30 years left, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not grant a mortgage on a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to experience difficulties where you need to sell your flat in Boncath if the unexpired lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Boncath?

Regardless of whether you are a tenant or a freeholder in Boncath,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Boncath valuers.

Boncath Lease Extension Example Cases:

Lily, Boncath, Pembrokeshire,

In the wake of 6 months of unsuccessful negotiations with the freeholder of her first floor apartment in Boncath, Lily commenced the lease extension process just as the lease was nearing the all-important eighty-year deadline. The transaction was concluded in March 2007. The landlord’s charges were kept to an absolute minimum.

Boncath case:

Last Summer we were contacted by Mr and Mrs. L Allen , who owned a first floor flat in Boncath in June 2003. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparative premises in Boncath with 100 year plus lease were worth £248,000. The average ground rent payable was £65 collected monthly. The lease expiry date was on 15 October 2089. Having 63 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including costs.

Boncath case:

Mr and Mrs. S Bailey moved into a studio flat in Boncath in July 2000. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparable flats in Boncath with 100 year plus lease were valued around £181,600. The mid-range ground rent payable was £55 invoiced quarterly. The lease ended on 28 October 2078. Taking into account 52 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of expenses.