Top reasons for Cilfynydd lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cilfynydd property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Cilfynydd have the right to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Cilfynydd lease extension. Putting off the costs now simply increases the amount you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you want to sell your flat in Cilfynydd if the remaining lease term is less than the criteria set by the majority of lenders. Different lenders have different requirements but in the main they are looking for an unexpired term of at least seventy years.

What makes us experts in Cilfynydd lease extensions?

Regardless of whether you are a tenant or a landlord in Cilfynydd,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cilfynydd valuers.

Cilfynydd Lease Extension Case Studies:

Sam, Cilfynydd, Abercynon,

Sam was the the leasehold proprietor of a high value flat in Cilfynydd being marketed with a lease of a little over fifty eight years outstanding. Sam informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Sam to invoke his statutory right. Sam procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Cilfynydd case:

Mr Owen Nelson acquired a studio apartment in Cilfynydd in October 2011. The question was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable residencies in Cilfynydd with 100 year plus lease were in the region of £210,600. The mid-range ground rent payable was £45 collected annually. The lease lapsed on 15 August 2088. Considering the 62 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 plus professional charges.

Cilfynydd case:

In 2012 we were e-mailed by Dr Harvey Hill who, having completed a first floor apartment in Cilfynydd in July 2011. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical premises in Cilfynydd with 100 year plus lease were valued about £265,000. The average amount of ground rent was £50 billed per annum. The lease ended on 25 August 2099. Having 73 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.