Top reasons for Brynmawr lease extension

Main reasons to commence your Brynmawr lease extension today:

Increase your lease and increase your Brynmawr property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Brynmawr. Inevitably, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the property needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Brynmawr have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful deliberation before putting off your Brynmawr lease extension. Putting off that expense now simply increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold premises in Brynmawr with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 justify it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This may be problematic once you need to sell or remortgage your property as it will be practically unmortgageable. Even though you may have no imminent desire to sell but when you do your purchaser must wait 2 years before being able to exercise the right to a a lease extension.

Get in touch with one of our Brynmawr lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Brynmawr leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Brynmawr Lease Extension Example Cases:

Henry, Brynmawr, Blaenau Gwent

Twenty four months ago Henry, came seriously close to the eighty-year threshold with the lease on his one bedroom apartment in Brynmawr. In buying his flat two decades ago, the lease term was of no bearing. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Henry arranged for a lease extension just in the nick of time last July. Henry and the freeholder via the management company subsequently settled on an amount of £6,000 . If the lease had descended to less than eighty years, the premium would have increased by at least £1,150.

Brynmawr case:

Mrs E Clark moved into a studio flat in Brynmawr in September 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Identical premises in Brynmawr with a long lease were worth £193,400. The average amount of ground rent was £65 billed quarterly. The lease elapsed on 18 January 2085. Taking into account 59 years unexpired we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus professional charges.

Brynmawr case:

Last October we were contacted by Mr and Mrs. E Sánchez , who completed a basement apartment in Brynmawr in April 2009. The question was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Identical premises in Brynmawr with a long lease were valued around £250,000. The average amount of ground rent was £50 billed per annum. The lease finished on 5 January 2096. Taking into account 70 years left we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.