Why you should commence your Crynant lease extension

Top reasons for lease extension now:

Increase your lease and increase your Crynant property value

It’s a harsh certainty that a Crynant residential lease is a deteriorating asset. As the lease term diminishes 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 90 years left, you need to start considering 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 falls below eighty years - otherwise a higher amount will be payable. The majority of leasehold owners in Crynant will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your lawyer from beginning to end of the process.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

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

The definition of a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic when you come to market or remortgage your property as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your purchaser will have to hold off for two years before they can exercise the right to a a lease extension.

Get in touch with one of our Crynant lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Crynant,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Crynant valuers.

Crynant Lease Extension Example Cases:

Alex, Crynant, Neath Port Talbot

Half a year ago Alex, came dangerously close to the 80-year mark with the lease on his basement apartment in Crynant. In buying his flat twenty years previously, the unexpired term was of no concern. by good luck, he realised he would soon be paying an escalated premium for a lease extension. Alex was able to extend his lease just under the wire in July. Alex and the landlord ultimately agreed on an amount of £5,500 . If he failed to meet the deadline, the sum would have escalated by a minimum £1,150.

Crynant case:

Mr and Mrs. R Bailey was assigned a lease of a one bedroom flat in Crynant in January 1998. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparable flats in Crynant with a long lease were in the region of £240,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease ended on 5 November 2088. Having 62 years remaining we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.

Crynant case:

Last year we were called by Dr W Leroy , who moved into a ground floor flat in Crynant in September 1998. We are asked if we could estimate the price would likely be for a 90 year lease extension. Identical flats in Crynant with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 collected yearly. The lease came to a finish on 19 July 2077. Considering the 51 years remaining we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.