Stop! Your Lease Extension in Gilwern Could Be FREE

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Many leaseholders in Gilwern are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Gilwern has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Gilwern lease extension

Why you should start your Gilwern lease extension today:

Increase your lease and increase your Gilwern property value

The value of Gilwern leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is less than 80 years

Gilwern property with a lease extension has roughly the same value as a freehold

Leasehold properties in Gilwern with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not lend with a short lease

Many banks and building societies will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Gilwern property being difficult to sell or remortgage.

Lender Requirement
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

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

Retaining our service gives you increased control over the value of your Gilwern leasehold, as your property will be more valuable and marketable in respect of lease length should you decide 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.

Gilwern Lease Extension Example Cases:

Zoe, Gilwern, Monmouthshire,

After protracted negotiations with the landlord of her ground floor flat in Gilwern, Zoe started the lease extension process just as the lease was nearing the all-important eighty-year deadline. The transaction completed in February 2012. The landlord’s fees were kept to an absolute minimum.

Gilwern case:

Last year we were contacted by Mrs F Morgan , who moved into a recently refurbished apartment in Gilwern in April 2011. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable premises in Gilwern with a long lease were worth £290,000. The mid-range ground rent payable was £45 invoiced monthly. The lease ran out on 10 May 2099. Having 73 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.

Gilwern case:

Ms Jessica Moreau was assigned a lease of a purpose-built apartment in Gilwern in May 2006. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar flats in Gilwern with an extended lease were worth £240,600. The average amount of ground rent was £65 collected every twelve months. The lease came to a finish in 2088. Given that there were 62 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of expenses.