Main reasons to commence your Cross Hands lease extension

Why you should commence your Cross Hands lease extension today:

A Cross Hands lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Cross Hands. Inevitably, the length of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Eligible leaseholders in Cross Hands have the legal entitlement to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. You should give due attention before putting off your Cross Hands lease extension. Putting off that expense now likely increases the price you will eventually incur to extend your lease

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Cross Hands?

Lease extensions in Cross Hands can be a difficult process. We recommend you obtain professional help from a conveyancer 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 a wealth of experience dealing with Cross Hands lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cross Hands Lease Extension Case Studies:

Sian, Cross Hands, Ammanford,

Following unsuccessful discussions with the freeholder of her leasehold apartment in Cross Hands, Sian initiated the lease extension process as the eighty year threshold was rapidly coming. The transaction completed in February 2009. The freeholder’s fees were kept to an absolute minimum.

Cross Hands case:

In 2010 we were e-mailed by Ms Paige Lefebvre who, having moved into a basement flat in Cross Hands in February 2006. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Cross Hands with a long lease were valued around £225,400. The average ground rent payable was £45 invoiced monthly. The lease terminated on 18 February 2090. Considering the 64 years remaining we calculated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of expenses.

Cross Hands case:

Dr F Bonnet owned a basement apartment in Cross Hands in February 2002. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Cross Hands with a long lease were valued around £270,000. The mid-range ground rent payable was £55 billed monthly. The lease concluded in 2101. Having 75 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.