Stop! Your Lease Extension in Kilgetty Could Be FREE

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Many leaseholders in Kilgetty 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 Kilgetty 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 commence your Kilgetty lease extension

Why you should commence your Kilgetty lease extension today:

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

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

Kilgetty property with a lease extension has roughly the same value as a freehold

Leasehold properties in Kilgetty with in excess of 100 years left on the lease are sometimes 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 to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may not loan monies with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Kilgetty property becoming difficult to sell or to obtain finance on.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Birmingham Midshires 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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Retaining our service gives you increased control over the value of your Kilgetty leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Kilgetty Lease Extension Example Cases:

Holly, Kilgetty, Pembrokeshire,

Trailing unsuccessful correspondence with the landlord of her leasehold flat in Kilgetty, Holly commenced the lease extension process just as the lease was approaching the crucial 80-year mark. The legal work was concluded in June 2008. The freeholder’s charges were restricted to below 650 GBP.

Kilgetty case:

In 2014 we were called by Mr and Mrs. U Miller who, having purchased a purpose-built apartment in Kilgetty in January 2003. The question was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar properties in Kilgetty with 100 year plus lease were valued around £218,000. The mid-range ground rent payable was £45 collected every twelve months. The lease ended in 2089. Having 63 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 plus legals.

Kilgetty case:

In 2013 we were called by Mr Ibrahim Watson who, having purchased a one bedroom apartment in Kilgetty in April 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Identical premises in Kilgetty with 100 year plus lease were worth £270,000. The mid-range amount of ground rent was £55 collected yearly. The lease termination date was on 23 July 2100. Having 74 years left we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.