Stop! Your Lease Extension in Crynant Could Be FREE

Get a Free Case Review
Many leaseholders in Crynant are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Crynant has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Crynant lease extension

Why you should start your Crynant lease extension today:

Increase your lease and increase your Crynant property value

The market value of Crynant leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

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

Leasehold residencies in Crynant with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders will not issue a mortgage with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Crynant lease extensions?

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

Crynant Lease Extension Example Cases:

Lily, Crynant, Neath Port Talbot,

After lengthy negotiations with the landlord of her leasehold flat in Crynant, Lily started the lease extension process as the eighty year threshold was swiftly nearing. The legal work was finalised in September 2011. The landlord’s charges were kept to an absolute minimum.

Crynant case:

Last year we were phoned by Ms Yasmin Jones , who was assigned a lease of a garden apartment in Crynant in February 2010. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable properties in Crynant with a long lease were valued around £280,000. The mid-range amount of ground rent was £45 collected monthly. The lease expired on 10 March 2095. Given that there were 69 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.

Crynant case:

Mrs D Phillips completed a one bedroom apartment in Crynant in November 2002. The question was if we could estimate the premium could be for a 90 year lease extension. Comparable flats in Crynant with an extended lease were valued about £216,000. The average amount of ground rent was £60 billed per annum. The lease ended on 15 July 2084. Given that there were 58 years left we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including legals.