Main reasons to start your Canton lease extension

Why you should start your Canton lease extension today:

Increase your lease and increase your Canton property value

Canton leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Canton will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and steps to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.

Canton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Canton with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to issue a mortgage with a short lease

Banks and building societies do not lend on short residential leases. You are likely to encounter difficulties where you need to sell your flat in Canton if the unexpired term of your lease is under 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.

What makes us experts in Canton lease extensions?

Lease extensions in Canton can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in lease extensions.

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 Canton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Canton Lease Extension Example Cases:

Freya, Canton, Cardiff,

Subsequent to lengthy negotiations with the landlord of her ground floor apartment in Canton, Freya commenced the lease extension process just as the lease was approaching the all-important eighty-year threshold. The lease extension completed in November 2007. The landlord’s costs were kept to an absolute minimum.

Canton case:

Dr K Lewis took over the lease of a one bedroom apartment in Canton in April 1998. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Similar premises in Canton with 100 year plus lease were valued around £189,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease terminated on 5 February 2079. Having 53 years outstanding we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of fees.

Canton case:

Mr Luca Richardson took over the lease of a newly refurbished flat in Canton in November 2003. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Similar flats in Canton with an extended lease were valued about £290,000. The mid-range ground rent payable was £45 collected monthly. The lease came to a finish on 3 November 2099. Having 73 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.