Why you should start your Borth and Talybont lease extension

Main reasons to start your Borth and Talybont lease extension today:

A Borth and Talybont leasehold property depreciates with the years remaining on the lease.

Borth and Talybont leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Borth and Talybont will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain cases you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage on a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be deficient for lending purposes.

Get in touch with one of our Borth and Talybont lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Borth and Talybont,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Borth and Talybont valuers.

Borth and Talybont Lease Extension Example Cases:

Jade, Borth and Talybont, Ceredigion,

Off the back of lengthy negotiations with the landlord of her garden apartment in Borth and Talybont, Jade started the lease extension process as the eighty year mark was fast advancing. The lease extension was finalised in January 2015. The freeholder’s costs were kept to an absolute minimum.

Borth and Talybont case:

In 2014 we were e-mailed by Ms Morgan Evans who, having owned a studio flat in Borth and Talybont in August 2005. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Comparative properties in Borth and Talybont with a long lease were worth £265,200. The average ground rent payable was £65 collected every twelve months. The lease expired in 2092. Given that there were 66 years unexpired we approximated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus professional charges.

Borth and Talybont case:

Last Winter we were called by Mr Ryan Lefebvre , who completed a first floor apartment in Borth and Talybont in September 1998. We are asked if we could estimate the premium would be to extend the lease by 90 years. Comparable residencies in Borth and Talybont with 100 year plus lease were worth £201,200. The average amount of ground rent was £55 billed annually. The lease lapsed in 2082. Given that there were 56 years outstanding we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including professional charges.