Cefn Mawr leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Cefn Mawr enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Cefn Mawr you really ought to investigate if your lease has between seventy and 90 years left. There are good reasons why a Cefn Mawr flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society |
Lease extensions in Cefn Mawr can be a difficult process. We recommend you get professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Cefn Mawr lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Ali, came perilously close to the 80-year threshold with the lease on his garden flat in Cefn Mawr. In buying his property two decades ago, the length of the lease was of little concern. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Ali was able to extend his lease just in the nick of time last March. Ali and the freeholder via the management company subsequently settled on an amount of £5,000 . If the lease had slid below eighty years, the figure would have increased by at least £925.
Mr W Richardson purchased a one bedroom flat in Cefn Mawr in April 1998. We are asked if we could estimate the price would be to prolong the lease by 90 years. Similar residencies in Cefn Mawr with a long lease were worth £295,000. The average amount of ground rent was £50 collected quarterly. The lease concluded in 2101. Considering the 75 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of costs.
In 2011 we were phoned by Dr Ethan Smith who, having purchased a one bedroom apartment in Cefn Mawr in February 2001. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Comparative residencies in Cefn Mawr with an extended lease were valued around £250,400. The average ground rent payable was £65 billed annually. The lease terminated on 25 November 2090. Taking into account 64 years unexpired we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus professional charges.