Main reasons to commence your Clynderwen lease extension

Why you should commence your Clynderwen lease extension today:

Increase your lease and increase your Clynderwen property value

The market value of a leasehold property in Clynderwen depends on how many years the lease has left to run. If it is near to or fewer than eighty years you should anticipate difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years remaining so that all matters can be addressed in advance of the eighty year mark. Leasehold Reform legislation entitles Clynderwen qualifying lessees to acquire a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not loan monies with a short lease

The trend since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically banks were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Clynderwen lease extensions?

Retaining our service will provide you better control over the value of your Clynderwen leasehold, as your property will be more valuable and marketable 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.

Clynderwen Lease Extension Example Cases:

Emma, Clynderwen, Carmarthenshire,

After unsuccessful negotiations with the landlord of her leasehold apartment in Clynderwen, Emma initiated the lease extension process as the eighty year deadline was fast coming. The lease extension completed in May 2007. The freeholder’s charges were negotiated to about four hundred pounds.

Clynderwen case:

In 2013 we were phoned by Dr R Fournier who, having took over the lease of a one bedroom flat in Clynderwen in August 2010. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar premises in Clynderwen with 100 year plus lease were in the region of £257,800. The mid-range ground rent payable was £65 collected every twelve months. The lease concluded in 2091. Given that there were 65 years outstanding we estimated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including costs.

Clynderwen case:

Mr and Mrs. R Gunderson acquired a basement apartment in Clynderwen in August 2007. The question was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparable homes in Clynderwen with an extended lease were in the region of £191,400. The mid-range amount of ground rent was £55 billed per annum. The lease expired in 2080. Given that there were 54 years left we calculated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 not including expenses.