Why you should commence your Croesyceiliog lease extension

Top reasons for lease extension now:

Increase your lease and increase your Croesyceiliog property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Croesyceiliog. Inevitably, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Eligible long lease owners in Croesyceiliog have the legal entitlement to extend the lease for a further 90 years in accordance with legislation. You should give careful consideration before delaying your Croesyceiliog lease extension. Holding off the cost now only increases the price you will eventually have to pay to extend your lease

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not finance a property on a short lease

Most banks and building societies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Croesyceiliog property becoming difficult to sell or to obtain finance on.

What makes us experts in Croesyceiliog lease extensions?

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

Croesyceiliog Lease Extension Example Cases:

Charlotte, Croesyceiliog, Torfaen,

Following lengthy correspondence with the landlord of her two bedroom flat in Croesyceiliog, Charlotte commenced the lease extension process as the eighty year threshold was fast advancing. The legal work was concluded in April 2010. The freeholder’s costs were kept to an absolute minimum.

Croesyceiliog case:

Last Winter we were phoned by Mrs R Ali , who bought a studio flat in Croesyceiliog in May 2012. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar homes in Croesyceiliog with a long lease were worth £240,600. The average amount of ground rent was £65 collected every twelve months. The lease elapsed on 21 October 2088. Taking into account 62 years unexpired we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including professional charges.

Croesyceiliog case:

In 2010 we were called by Dr Charlotte Michel who, having moved into a studio flat in Croesyceiliog in October 2011. We are asked if we could approximate the premium would be to extend the lease by an additional years. Comparable properties in Croesyceiliog with an extended lease were valued around £174,200. The mid-range amount of ground rent was £55 invoiced annually. The lease terminated in 2077. Taking into account 51 years unexpired we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of expenses.