Top reasons for Haverfordwest lease extension

Why you should commence your Haverfordwest lease extension today:

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

For those whose Haverfordwest home is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

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

Leasehold residencies in Haverfordwest with in excess of one hundred years left on the lease are often regarded as a ‘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 to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and many now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Haverfordwest were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Haverfordwest lease extension solicitors or enfranchisement solicitors

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

Haverfordwest Lease Extension Example Cases:

Natasha, Haverfordwest, Pembrokeshire,

In the wake of 9 months of protracted negotiations with the freeholder of her studio flat in Haverfordwest, Natasha initiated the lease extension process just as her lease was nearing the crucial 80-year deadline. The lease extension was finalised in July 2013. The freeholder’s fees were kept to an absolute minimum.

Haverfordwest case:

In 2011 we were called by Mr and Mrs. J Green who, having bought a one bedroom apartment in Haverfordwest in February 2009. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Similar homes in Haverfordwest with a long lease were worth £300,000. The average amount of ground rent was £50 invoiced annually. The lease lapsed in 2102. Considering the 76 years outstanding we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of legals.

Haverfordwest case:

Last Spring we were contacted by Mr and Mrs. V Bernard , who acquired a studio flat in Haverfordwest in June 2000. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Similar homes in Haverfordwest with a long lease were worth £257,800. The average ground rent payable was £65 collected quarterly. The lease elapsed on 16 June 2091. Considering the 65 years left we calculated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including fees.