Why you should start your Dunvant lease extension

Main reasons to start your Dunvant lease extension today:

Increase your lease and increase your Dunvant property value

As the the remaining lease term of a Dunvant domestic lease lessens so does its value and therefore the value of your property. If the lease has, over 99 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Dunvant will meet the qualifying criteria; nevertheless a conveyancer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.

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

Most high street banks are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Dunvant were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Dunvant can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 dealing with Dunvant lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dunvant Lease Extension Example Cases:

Grace, Dunvant, Swansea,

Subsequent to lengthy negotiations with the landlord of her two bedroom flat in Dunvant, Grace initiated the lease extension process as the 80 year deadline was quickly nearing. The legal work was concluded in November 2014. The landlord’s costs were kept to an absolute minimum.

Dunvant case:

Ms S Clark acquired a ground floor apartment in Dunvant in October 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparable premises in Dunvant with a long lease were in the region of £260,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ran out on 15 July 2092. Considering the 66 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of professional charges.

Dunvant case:

Last Christmas we were phoned by Mr and Mrs. H Robinson , who took over the lease of a one bedroom flat in Dunvant in January 2004. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable properties in Dunvant with 100 year plus lease were in the region of £198,800. The mid-range amount of ground rent was £55 collected quarterly. The lease lapsed on 6 March 2081. Taking into account 55 years as a residual term we calculated the premium to the landlord to extend the lease to be between £33,300 and £38,400 plus legals.