Top reasons for Henllys lease extension

Main reasons to start your Henllys lease extension today:

Increase your lease and increase your Henllys property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Henllys. Inevitably, the term of lease left reduces over time. This may pass by relatively unnoticed when the residence has to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Henllys have the right to extend the lease for a further ninety years under legislation. Do give careful deliberation before putting off your Henllys lease extension. Putting off that expense now likely increases the price you will eventually have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to issue a mortgage on a short lease

Mortgage companies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that plenty of flats in Henllys were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

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

Regardless of whether you are a tenant or a landlord in Henllys,the lease extension solicitors 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 Henllys valuers.

Henllys Lease Extension Example Cases:

Jake, Henllys, Torfaen

In 2014 Jake, came perilously close to the eighty-year threshold with the lease on his purpose- built apartment in Henllys. Having purchased his flat twenty years previously, the lease term was of no importance. Thankfully, he became aware that he would imminently be paying an escalated premium for Extending the lease. Jake was able to extend his lease just in the nick of time last March. Jake and the landlord eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the amount would have gone up by a minimum £975.

Henllys case:

Last Autumn we were approach by Ms Holly Lefèvre , who took over the lease of a garden apartment in Henllys in February 2002. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Similar flats in Henllys with an extended lease were worth £265,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded on 4 April 2099. Considering the 73 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Henllys case:

Mr and Mrs. M Vincent purchased a studio flat in Henllys in April 2010. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar properties in Henllys with a long lease were valued around £264,000. The mid-range ground rent payable was £60 invoiced every twelve months. The lease finished on 8 April 2079. Considering the 53 years remaining we approximated the premium to the landlord to extend the lease to be between £37,100 and £42,800 not including professional charges.