Why you should start your Henllys lease extension

Top reasons for lease extension now:

Increase your lease and increase your Henllys property value

Henllys residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend on a short lease

Lenders are really restricting their approach as regards to homes in Henllys with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

What makes us experts in Henllys lease extensions?

Retaining our service gives you increased control over the value of your Henllys leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Henllys Lease Extension Example Cases:

Natasha, Henllys, Torfaen,

Off the back of unsuccessful negotiations with the freeholder of her studio apartment in Henllys, Natasha started the lease extension process just as her lease was nearing the critical eighty-year threshold. The transaction was concluded in February 2014. The landlord’s costs were kept to an absolute minimum.

Henllys case:

In 2010 we were approached by Ms U Dupont who, having took over the lease of a ground floor apartment in Henllys in August 1999. The dilemma was if we could estimate the premium would likely be to extend the lease by an additional years. Similar residencies in Henllys with a long lease were in the region of £208,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease end date was in 2087. Considering the 61 years unexpired we estimated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus fees.

Henllys case:

Mr and Mrs. C Ramírez bought a purpose-built flat in Henllys in April 2012. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Identical homes in Henllys with a long lease were worth £260,000. The mid-range amount of ground rent was £50 billed monthly. The lease ended in 2098. Considering the 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.