Main reasons to start your Burry Port lease extension

Main reasons to commence your Burry Port lease extension today:

Increase your lease and increase your Burry Port property value

The only way is down when it comes to Burry Port lease terms. Burry Port flats that have a remaining term shorter than eighty years will reduce in market price even faster, and the cost to extend your lease will increase.

An extended lease has roughly the same value as a freehold

Leasehold properties in Burry Port with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to finance a property with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

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

Lease extensions in Burry Port can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 procuring Burry Port lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Burry Port Lease Extension Example Cases:

Amber, Burry Port, Carmarthenshire,

Subsequent to unsuccessful correspondence with the freeholder of her garden apartment in Burry Port, Amber commenced the lease extension process as the eighty year deadline was quickly approaching. The transaction completed in June 2015. The freeholder’s costs were negotiated to under 550 GBP.

Burry Port case:

Mr Andrew Anderson took over the lease of a newly refurbished apartment in Burry Port in February 1996. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparative properties in Burry Port with an extended lease were worth £285,000. The average amount of ground rent was £45 invoiced quarterly. The lease ran out on 25 October 2097. Having 71 years outstanding we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.

Burry Port case:

In 2014 we were phoned by Ms K Wilson who, having bought a one bedroom apartment in Burry Port in May 2012. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative residencies in Burry Port with a long lease were in the region of £225,800. The average ground rent payable was £60 collected every twelve months. The lease ran out on 12 February 2086. Having 60 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of expenses.