Carmarthen Lease Extension - Free Consultation

Before you progress with your lease extension in Carmarthen
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Carmarthen lease extension

Main reasons to start your Carmarthen lease extension today:

Increase your lease and increase your Carmarthen property value

There is no doubt about it a leasehold flat or house in Carmarthen is a wasting asset as a result of the diminishing lease term. If the lease has, over 100 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Carmarthen will qualify for this right; nevertheless a lawyer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Carmarthen with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not loan monies on a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Carmarthen property becoming difficult to sell or refinance.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Regardless of whether you are a tenant or a landlord in Carmarthen,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Carmarthen valuers.

Carmarthen Lease Extension Example Cases:

Charlie, Carmarthen, Ammanford,

Charlie owned a conversion apartment in Carmarthen on the market with a lease of fraction over 72 years unexpired. Charlie informally spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Charlie to exercise his statutory right. Charlie obtained expert advice and secured an acceptable deal informally and readily saleable.

Carmarthen case:

Last Winter we were e-mailed by Mr and Mrs. P Clarke , who was assigned a lease of a one bedroom flat in Carmarthen in September 2004. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar residencies in Carmarthen with 100 year plus lease were valued around £265,000. The average amount of ground rent was £50 billed annually. The lease concluded on 2 September 2097. Taking into account 73 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.

Carmarthen case:

Last month we were phoned by Dr Dylan Morgan , who moved into a basement apartment in Carmarthen in June 2002. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical flats in Carmarthen with 100 year plus lease were valued around £264,000. The mid-range amount of ground rent was £60 billed quarterly. The lease concluded in 2077. Given that there were 53 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of expenses.