Why you should start your Bryncoch lease extension

Why you should commence your Bryncoch lease extension today:

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

The value of Bryncoch leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is less than eighty years

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

Leasehold residencies in Bryncoch with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders will not grant a mortgage on a short lease

Lenders do not like short residential leases. You most probably experience problems if you need to sell your flat in Bryncoch if the unexpired lease term is under the criteria set by the majority of banks and building societies. Different lenders have varying criteria but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Bryncoch?

Lease extensions in Bryncoch can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Bryncoch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bryncoch Lease Extension Case Summaries:

Samuel, Bryncoch, Neath Port Talbot

Last Winter Samuel, started to get close to the 80-year mark with the lease on his leasehold flat in Bryncoch. In buying his home 18 years ago, the lease term was of minimal relevance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Samuel arranged for a lease extension just ahead of time in August. Samuel and the landlord eventually settled on an amount of £5,000 . If he failed to meet the deadline, the sum would have escalated by at least £1,050.

Bryncoch case:

Mr and Mrs. C Bailey moved into a garden apartment in Bryncoch in September 2006. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable properties in Bryncoch with a long lease were worth £235,200. The mid-range amount of ground rent was £45 billed annually. The lease terminated on 12 February 2092. Given that there were 66 years remaining we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.

Bryncoch case:

In 2011 we were called by Mr and Mrs. M Morris who, having was assigned a lease of a studio apartment in Bryncoch in February 2002. The question was if we could approximate the premium would be to extend the lease by 90 years. Identical properties in Bryncoch with a long lease were valued about £275,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease lapsed on 22 July 2103. Given that there were 77 years left we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.