Top reasons for Cardigan lease extension

Main reasons to commence your Cardigan lease extension today:

Increase your lease and increase your Cardigan property value

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

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not loan monies on a short lease

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

Using our service will provide you enhanced control over the value of your Cardigan leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Cardigan Lease Extension Case Studies:

Ellie, Cardigan, Aberaeron,

Trailing unsuccessful correspondence with the landlord of her purpose-built apartment in Cardigan, Ellie initiated the lease extension process as the 80 year mark was rapidly advancing. The lease extension completed in January 2006. The freeholder’s charges were kept to an absolute minimum.

Cardigan case:

In 2010 we were approached by Dr Stephanie Norbert who, having was assigned a lease of a first floor flat in Cardigan in May 2006. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable homes in Cardigan with 100 year plus lease were valued around £260,000. The average amount of ground rent was £50 collected quarterly. The lease expiry date was on 1 September 2097. Considering the 71 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.

Cardigan case:

Mr Kyle Morris moved into a basement apartment in Cardigan in March 1997. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Identical flats in Cardigan with a long lease were in the region of £254,200. The average amount of ground rent was £60 collected annually. The lease end date was on 23 February 2077. Given that there were 51 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of fees.