Why you should start your Griffithstown lease extension

Top reasons for lease extension now:

Increase your lease and increase your Griffithstown property value

The value of Griffithstown 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 significantly once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Griffithstown with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may decide not to loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This will be problematic when you come to dispose of or refinance your flat as it will be effectively unmortgageable. Even though you might not have an immediate plan to sell but when you do your purchaser will need to hold off for a couple of years before being able to exercise the right to a an extension to the lease.

What makes us experts in Griffithstown lease extensions?

Irrespective of whether you are a tenant or a landlord in Griffithstown,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Griffithstown valuers.

Griffithstown Lease Extension Example Cases:

James, Griffithstown, Torfaen,

James owned a conversion flat in Griffithstown on the market with a lease of just over 59 years left. James informally spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were James to invoke his statutory right. James procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Griffithstown case:

In 2010 we were approached by Mr and Mrs. N Cooper who, having bought a first floor flat in Griffithstown in March 2005. We are asked if we could approximate the price would be for a 90 year lease extension. Similar properties in Griffithstown with a long lease were valued about £275,000. The mid-range amount of ground rent was £65 collected per annum. The lease came to a finish on 27 April 2094. Given that there were 68 years unexpired we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.

Griffithstown case:

In 2011 we were phoned by Mr and Mrs. E Brown who, having was assigned a lease of a one bedroom flat in Griffithstown in March 1998. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical premises in Griffithstown with a long lease were in the region of £208,600. The average amount of ground rent was £60 billed yearly. The lease expiry date was in 2083. Given that there were 57 years remaining we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus costs.