Stop! Your Lease Extension in Glynneath Could Be FREE

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Many leaseholders in Glynneath 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 Glynneath 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.

Why you should start your Glynneath lease extension

Top reasons for lease extension now:

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

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 increase materialy once the remaining term is below than 80 years

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

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

Banks and Building Societies are less likely to issue a loan offer on a domestic flat in Glynneath with a short lease. Many lenders simply refuse to lend on leases with below 75 years remaining.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
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.

Why use us for your lease extension in Glynneath?

The lawyers that we work with handle 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 conveyancing solicitor we work with provide it.

Glynneath Lease Extension Example Cases:

Aaron, Glynneath, Neath Port Talbot

Last October Aaron, started to get close to the 80-year mark with the lease on his two bedroom flat in Glynneath. In buying his home two decades ago, the unexpired term was of minimal concern. by good luck, he recognised he needed to take steps soon on a lease extension. Aaron was able to extend his lease at the eleventh hour last January. Aaron and the landlord eventually agreed on a premium of £6,000 . If the lease had fallen lower than eighty years, the price would have escalated by a minimum £1,025.

Glynneath case:

Mr and Mrs. A Bonnet was assigned a lease of a studio apartment in Glynneath in August 2011. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative premises in Glynneath with 100 year plus lease were worth £183,600. The average ground rent payable was £65 billed monthly. The lease termination date was on 17 June 2083. Considering the 57 years unexpired we calculated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus expenses.

Glynneath case:

Last Autumn we were contacted by Dr James Howard , who took over the lease of a ground floor flat in Glynneath in September 2009. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable premises in Glynneath with an extended lease were in the region of £245,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded on 7 February 2094. Considering the 68 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.