Main reasons to commence your Gowerton lease extension

Main reasons to commence your Gowerton lease extension today:

Increase your lease and increase your Gowerton property value

Gowerton leases on residential deteriorating in value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher premium will be due. Leasehold owners in Gowerton will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.

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

Leasehold properties in Gowerton with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Gowerton?

Lease extensions in Gowerton can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Gowerton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gowerton Lease Extension Example Cases:

Robyn, Gowerton, Swansea,

Subsequent to protracted negotiations with the landlord of her first floor apartment in Gowerton, Robyn commenced the lease extension process just as the lease was coming close to the crucial 80-year deadline. The transaction completed in February 2009. The landlord’s fees were kept to an absolute minimum.

Gowerton case:

Dr G Walker took over the lease of a one bedroom apartment in Gowerton in November 2010. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Comparative premises in Gowerton with 100 year plus lease were worth £174,200. The average amount of ground rent was £55 invoiced yearly. The lease ran out on 5 July 2077. Taking into account 51 years unexpired we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus fees.

Gowerton case:

Dr Yasmin Khan owned a garden apartment in Gowerton in March 2009. The dilemma was if we could estimate the price would be for a ninety year lease extension. Comparative residencies in Gowerton with 100 year plus lease were valued around £285,000. The mid-range ground rent payable was £45 billed annually. The lease finished in 2097. Considering the 71 years remaining we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.