Main reasons to start your Cyncoed lease extension

Main reasons to commence your Cyncoed lease extension today:

A Cyncoed lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Cyncoed have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. Do think carefully before delaying your Cyncoed lease extension. Postponing the costs now simply escalates the amount you will ultimately have to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be inadequate for lending purposes.

Why use us for your lease extension in Cyncoed?

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

Cyncoed Lease Extension Example Cases:

Victoria, Cyncoed, Cardiff,

After unsuccessful negotiations with the landlord of her studio apartment in Cyncoed, Victoria started the lease extension process just as the lease was coming close to the critical 80-year threshold. The legal work was concluded in March 2006. The landlord’s costs were kept to an absolute minimum.

Cyncoed case:

Last Summer we were approach by Mr and Mrs. G Nguyen , who acquired a studio flat in Cyncoed in March 2001. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar premises in Cyncoed with 100 year plus lease were valued about £275,000. The average ground rent payable was £55 billed every twelve months. The lease elapsed in 2103. Taking into account 77 years as a residual term we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.

Cyncoed case:

Dr S Reed was assigned a lease of a basement apartment in Cyncoed in April 1999. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Comparative homes in Cyncoed with a long lease were valued around £183,600. The average ground rent payable was £65 billed yearly. The lease termination date was in 2083. Taking into account 57 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus legals.