Main reasons to start your Crymych lease extension

Top reasons for lease extension now:

Increase your lease and increase your Crymych property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Crymych have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Crymych lease extension. Putting off the costs now simply escalates the price you will eventually be required to pay to extend the lease.

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

Leasehold premises in Crymych with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not issue a mortgage on a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage 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 now have a minimum term of 75 years as a prerequisite.

What makes us experts in Crymych lease extensions?

Retaining our service will provide you better control over the value of your Crymych leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crymych Lease Extension Example Cases:

Noah, Crymych, Pembrokeshire

18 months ago Noah, started to get close to the 80-year mark with the lease on his ground floor flat in Crymych. In buying his flat two decades ago, the lease term was of no significance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Noah arranged for a lease extension just under the wire in January. Noah and the landlord subsequently agreed on the final figure of £6,000 . If he had missed the deadline, the premium would have increased by a minimum £1,150.

Crymych case:

In 2009 we were called by Dr H Anderson who, having purchased a one bedroom flat in Crymych in June 1998. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Crymych with 100 year plus lease were worth £225,800. The mid-range ground rent payable was £60 collected quarterly. The lease lapsed in 2086. Considering the 60 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 exclusive of professional charges.

Crymych case:

Mr and Mrs. L Phillips moved into a ground floor apartment in Crymych in May 2011. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar flats in Crymych with an extended lease were in the region of £210,000. The average amount of ground rent was £50 billed quarterly. The lease terminated in 2106. Having 80 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including fees.