Main reasons to start your Glynneath lease extension

Top reasons for lease extension now:

A Glynneath lease depreciates with the years remaining on the lease.

Glynneath leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Glynneath enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Glynneath you should see if your lease has between seventy and 90 years left. There are compelling reasons why a Glynneath flat owner with a lease having around 80 years left should take action to make sure that a lease extension is put in place without delay

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders will not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You are likely to encounter difficulties where you want to sell your flat in Glynneath if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Glynneath?

The conveyancers that we work with procure Glynneath lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Glynneath Lease Extension Case Summaries:

Theo, Glynneath, Neath Port Talbot,

Theo owned a 2 bedroom apartment in Glynneath being marketed with a lease of just over 61 years unexpired. Theo informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Theo to invoke his statutory right. Theo obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Glynneath case:

Last Spring we were phoned by Dr Hugo Martinez , who completed a first floor flat in Glynneath in April 2000. We are asked if we could estimate the premium could be for a 90 year lease extension. Identical flats in Glynneath with 100 year plus lease were valued about £250,000. The mid-range amount of ground rent was £50 collected per annum. The lease expired on 16 October 2095. Having 69 years outstanding we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.

Glynneath case:

Dr M Parker completed a one bedroom apartment in Glynneath in September 2007. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable premises in Glynneath with a long lease were worth £285,000. The mid-range ground rent payable was £55 billed every twelve months. The lease terminated in 2106. Taking into account 80 years outstanding we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.