Why you should start your Church Village lease extension

Main reasons to start your Church Village lease extension today:

Increase your lease and increase your Church Village property value

With a long leasehold premises in Church Village, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Anyone in Church Village with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has under eighty years left, under the current Act the landlord can calculate and levy a greater premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.

Church Village property with a lease extension is almost the same value as a freehold

Leasehold premises in Church Village with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This will be problematic when you wish to market or refinance your property as it will be practically unmortgageable. You may have no imminent intention to sell but when you do your buyer will have to wait two years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Church Village?

Using our service will provide you increased control over the value of your Church Village leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Church Village Lease Extension Example Cases:

Melissa, Church Village, Rhondda Cynon Taff,

After protracted negotiations with the landlord of her ground floor apartment in Church Village, Melissa started the lease extension process just as the lease was coming close to the crucial 80-year threshold. The legal work was concluded in February 2005. The landlord’s charges were kept to an absolute minimum.

Church Village case:

In 2010 we were e-mailed by Mr and Mrs. S Nelson who, having moved into a garden apartment in Church Village in January 2000. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical properties in Church Village with 100 year plus lease were worth £261,600. The mid-range ground rent payable was £60 invoiced annually. The lease concluded on 9 July 2078. Considering the 52 years remaining we estimated the premium to the landlord for the lease extension to be between £39,000 and £45,000 plus legals.

Church Village case:

In 2014 we were contacted by Dr L Girard who, having owned a studio apartment in Church Village in April 2002. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical homes in Church Village with an extended lease were in the region of £218,000. The mid-range ground rent payable was £45 collected quarterly. The lease expiry date was in 2089. Having 63 years unexpired we estimated the premium to the landlord to extend the lease to be within £17,100 and £19,800 plus professional charges.