Why you should commence your Dinas Powys lease extension

Top reasons for lease extension now:

A Dinas Powys leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Dinas Powys residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Dinas Powys property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. If lease term dips under 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Dinas Powys will be able to extend under the legislation; however a lawyer will be able to confirm if 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 conveyancer from beginning to end of the process.

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to lend with a short lease

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

The lawyers that we work with handle Dinas Powys 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 conveyancing solicitor we work with provide it.

Dinas Powys Lease Extension Example Cases:

Adam, Dinas Powys, Vale Of Glamorgan

Last Summer Adam, started to get near to the 80-year threshold with the lease on his first floor flat in Dinas Powys. In buying his home two decades ago, the unexpired term was of little interest. Thankfully, it dawned on him that he needed to take action soon on a lease extension. Adam arranged for a lease extension at the eleventh hour in April. Adam and the freeholder eventually agreed on a premium of £5,000 . If he not met the deadline, the figure would have increased by a minimum £1,025.

Dinas Powys case:

In 2014 we were called by Dr I Jones who, having moved into a one bedroom apartment in Dinas Powys in November 1998. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Identical residencies in Dinas Powys with an extended lease were valued around £191,400. The average amount of ground rent was £55 invoiced annually. The lease finished in 2080. Considering the 54 years remaining we approximated the premium to the landlord to extend the lease to be between £34,200 and £39,600 exclusive of professional charges.

Dinas Powys case:

Mr and Mrs. M Hernández acquired a one bedroom flat in Dinas Powys in November 2009. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable properties in Dinas Powys with 100 year plus lease were valued around £295,000. The mid-range ground rent payable was £45 invoiced annually. The lease lapsed in 2100. Having 74 years outstanding we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.