Top reasons for Crynant lease extension

Why you should start your Crynant lease extension today:

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

Unfortunately that a Crynant residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Crynant property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be due. Most leasehold owners in Crynant will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

Leasehold residencies in Crynant with over 100 years outstanding on the lease are sometimes regarded as a ‘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 reversionary interest unless savings on ground rent and estate charges warrant it.

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

Banks and building societies are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years left once the mortgage has expired. Given that plenty of flats in Crynant were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Crynant lease extensions?

The lawyers that we work with handle Crynant lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Crynant Lease Extension Example Cases:

Jennifer, Crynant, Neath Port Talbot,

Subsequent to unsuccessful correspondence with the landlord of her studio flat in Crynant, Jennifer started the lease extension process as the 80 year threshold was swiftly advancing. The transaction was concluded in January 2014. The freeholder’s charges were kept to an absolute minimum.

Crynant case:

Dr Y Jackson bought a ground floor apartment in Crynant in October 2012. The question was if we could estimate the price could be for a 90 year lease extension. Similar properties in Crynant with a long lease were valued around £171,800. The average ground rent payable was £55 invoiced every twelve months. The lease ended on 21 November 2076. Having 50 years remaining we estimated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 plus fees.

Crynant case:

Last Spring we were called by Dr N Laurent , who owned a one bedroom flat in Crynant in April 2000. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical properties in Crynant with 100 year plus lease were valued around £280,000. The average ground rent payable was £45 collected every twelve months. The lease elapsed on 14 March 2096. Taking into account 70 years remaining we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.