Why you should start your Glynneath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Glynneath property value

The value of Glynneath leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Glynneath with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may not issue a mortgage on a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so where they can't get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Glynneath?

Retaining our service will provide you enhanced control over the value of your Glynneath leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Glynneath Lease Extension Case Studies:

Tyler, Glynneath, Neath Port Talbot,

Tyler was the the leasehold owner of a 2 bedroom apartment in Glynneath on the market with a lease of a little over fifty eight years remaining. Tyler on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Tyler to invoke his statutory right. Tyler obtained expert advice and secured an acceptable deal informally and ending up with a market value flat.

Glynneath case:

Mr Daniel Dupont bought a one bedroom flat in Glynneath in June 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Glynneath with an extended lease were in the region of £168,800. The average ground rent payable was £60 collected monthly. The lease end date was on 15 January 2081. Having 55 years remaining we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus expenses.

Glynneath case:

In 2014 we were called by Mr V Walker who, having purchased a recently refurbished apartment in Glynneath in May 1999. We are asked if we could estimate the premium could be for a ninety year lease extension. Identical homes in Glynneath with a long lease were in the region of £235,200. The average amount of ground rent was £45 billed monthly. The lease came to a finish in 2092. Given that there were 66 years left we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.