Main reasons to commence your Cowbridge lease extension

Main reasons to commence your Cowbridge lease extension today:

A Cowbridge leasehold property depreciates with the years remaining on the lease.

Cowbridge residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

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

Leasehold residencies in Cowbridge with over 100 years remaining 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will be problematic as and when you come to market or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an immediate intention to sell but when you do your buyer will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

What makes us experts in Cowbridge lease extensions?

Lease extensions in Cowbridge can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 dealing with Cowbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cowbridge Lease Extension Example Cases:

Morgan, Cowbridge, Vale Of Glamorgan,

After lengthy negotiations with the freeholder of her first floor apartment in Cowbridge, Morgan started the lease extension process just as her lease was approaching the critical eighty-year threshold. The lease extension completed in August 2007. The freeholder’s fees were negotiated to less than six hundred GBP.

Cowbridge case:

Mrs Lucy Bailey owned a ground floor apartment in Cowbridge in January 2011. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative premises in Cowbridge with a long lease were worth £260,000. The mid-range ground rent payable was £50 billed quarterly. The lease terminated in 2098. Considering the 72 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.

Cowbridge case:

Mr and Mrs. A Flores purchased a studio flat in Cowbridge in June 1996. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar flats in Cowbridge with a long lease were worth £261,600. The average amount of ground rent was £60 invoiced yearly. The lease elapsed in 2078. Given that there were 52 years unexpired we estimated the premium to the landlord to extend the lease to be within £39,000 and £45,000 plus costs.