Top reasons for Fairwater lease extension

Main reasons to commence your Fairwater lease extension today:

Increase your lease and increase your Fairwater property value

The closer a residential lease in Fairwater gets to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner than later. The majority of flat owners in Fairwater will qualify for this right; that being said a conveyancer will be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold residencies in Fairwater with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to finance a property with a short lease

Lenders do not like short residential leases. You most probably experience difficulties if you want to sell your flat in Fairwater if the remaining term of your lease is under the criteria set by most banks and building societies. Different lenders have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Fairwater lease extensions?

Irrespective of whether you are a tenant or a freeholder in Fairwater,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Fairwater valuers.

Fairwater Lease Extension Case Summaries:

Mollie, Fairwater, Cardiff,

Subsequent to protracted discussions with the landlord of her first floor flat in Fairwater, Mollie initiated the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The lease extension completed in May 2012. The landlord’s charges were kept to an absolute minimum.

Fairwater case:

Dr Jessica Morgan acquired a recently refurbished apartment in Fairwater in August 2007. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Similar residencies in Fairwater with an extended lease were valued around £243,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease finished on 10 June 2089. Considering the 63 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 not including professional charges.

Fairwater case:

Dr M Campbell bought a purpose-built apartment in Fairwater in June 2010. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Identical premises in Fairwater with a long lease were valued around £181,600. The average amount of ground rent was £55 collected yearly. The lease came to a finish on 10 February 2078. Having 52 years outstanding we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including expenses.