Stop! Your Lease Extension in Gwaelod Y Garth Could Be FREE

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Many leaseholders in Gwaelod Y Garth 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 Gwaelod Y Garth 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 Gwaelod Y Garth lease extension

Main reasons to commence your Gwaelod Y Garth lease extension today:

Increase your lease and increase your Gwaelod Y Garth property value

On the balance of probabilities where you own a flat in Gwaelod Y Garth you actually own a long leasehold interest over your property

Gwaelod Y Garth property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

Many mortgage lenders require a lengthy amount of time left on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they are not able to obtain a mortgage, then the value of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Gwaelod Y Garth lease extension solicitors or enfranchisement solicitors

Lease extensions in Gwaelod Y Garth can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 a wealth of experience procuring Gwaelod Y Garth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gwaelod Y Garth Lease Extension Example Cases:

Ashleigh, Gwaelod Y Garth, Cardiff,

Following lengthy discussions with the freeholder of her ground floor flat in Gwaelod Y Garth, Ashleigh commenced the lease extension process as the 80 year mark was quickly approaching. The legal work was finalised in July 2007. The landlord’s charges were negotiated to a tad over 450 GBP.

Gwaelod Y Garth case:

Mr Dexter Khan bought a garden apartment in Gwaelod Y Garth in April 1996. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative premises in Gwaelod Y Garth with 100 year plus lease were worth £300,000. The average ground rent payable was £50 billed monthly. The lease finished on 7 May 2102. Having 76 years remaining we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.

Gwaelod Y Garth case:

Last Autumn we were phoned by Mrs A Allen , who was assigned a lease of a recently refurbished flat in Gwaelod Y Garth in May 1996. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable premises in Gwaelod Y Garth with 100 year plus lease were in the region of £257,800. The average amount of ground rent was £65 invoiced monthly. The lease came to a finish in 2091. Having 65 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 plus legals.