Why you should start your Cwmbran lease extension

Why you should start your Cwmbran lease extension today:

Increase your lease and increase your Cwmbran property value

When it comes to long leasehold premises in Cwmbran, you are actually buying a right to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than eighty years remaining. Anyone in Cwmbran with a lease approaching 81 years left should seriously think of extending it without delay. When a lease has below eighty years left, under the relevant legislation the landlord is entitled to calculate and demand a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not lend on a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Considering a number of flats in Cwmbran were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Cwmbran?

Lease extensions in Cwmbran can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.

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 procuring Cwmbran lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cwmbran Lease Extension Case Summaries:

Caitlin, Cwmbran, Torfaen,

Trailing lengthy correspondence with the landlord of her two bedroom apartment in Cwmbran, Caitlin initiated the lease extension process as the eighty year deadline was swiftly approaching. The legal work was finalised in August 2013. The freeholder’s fees were negotiated to below 450 GBP.

Cwmbran case:

Mr and Mrs. M Bennett took over the lease of a basement apartment in Cwmbran in August 1999. The question was if we could estimate the price would be to extend the lease by 90 years. Comparable residencies in Cwmbran with a long lease were worth £245,000. The average ground rent payable was £50 collected every twelve months. The lease ran out on 15 January 2094. Considering the 68 years left we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.

Cwmbran case:

Last Summer we were e-mailed by Ms B Brooks , who was assigned a lease of a one bedroom apartment in Cwmbran in April 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical residencies in Cwmbran with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease ended on 7 September 2105. Given that there were 79 years left we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including expenses.