Ebbw Vale Lease Extension - Free Consultation

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Before you progress with your lease extension in Ebbw Vale
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Ebbw Vale lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ebbw Vale property value

Chances are that if you own a flat in Ebbw Vale you actually own a long leasehold interest over your property

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 unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Ebbw Vale property becoming difficult to sell or to obtain finance on.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Ebbw Vale lease extensions?

Retaining our service will provide you increased control over the value of your Ebbw Vale leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ebbw Vale Lease Extension Example Cases:

Morgan, Ebbw Vale, Abertillery,

In the wake of 9 months of protracted negotiations with the landlord of her first floor flat in Ebbw Vale, Morgan initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The lease extension was finalised in May 2008. The freeholder’s fees were kept to an absolute minimum.

Ebbw Vale case:

Last year we were called by Mr and Mrs. B Scott , who bought a purpose-built apartment in Ebbw Vale in September 1999. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar properties in Ebbw Vale with 100 year plus lease were in the region of £176,200. The average ground rent payable was £65 billed monthly. The lease terminated on 12 September 2081. Having 56 years unexpired we calculated the premium to the freeholder to extend the lease to be within £29,500 and £34,000 not including costs.

Ebbw Vale case:

Dr Freya Young moved into a one bedroom flat in Ebbw Vale in November 1999. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Similar homes in Ebbw Vale with 100 year plus lease were valued around £242,600. The average amount of ground rent was £45 billed every twelve months. The lease concluded on 23 July 2092. Considering the 67 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of costs.