Main reasons to start your Llanbrynmair lease extension

Main reasons to commence your Llanbrynmair lease extension today:

Increase your lease and increase your Llanbrynmair property value

Llanbrynmair leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Llanbrynmair will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some situations you may not be entitled. There are prescribed deadlines and steps to comply with once the process has started so it’s best to be guided by a lawyer during the process.

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety 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 will not lend on a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term falls below a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Llanbrynmair property.

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

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

Llanbrynmair Lease Extension Example Cases:

Freya, Llanbrynmair, Powys,

After lengthy discussions with the landlord of her leasehold flat in Llanbrynmair, Freya commenced the lease extension process as the 80 year threshold was rapidly approaching. The legal work was finalised in May 2015. The landlord’s costs were kept to an absolute minimum.

Llanbrynmair case:

In 2009 we were phoned by Mr Harvey Cook who, having owned a one bedroom flat in Llanbrynmair in May 1999. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative flats in Llanbrynmair with a long lease were worth £285,000. The mid-range ground rent payable was £45 billed annually. The lease ran out in 2098. Given that there were 72 years remaining we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.

Llanbrynmair case:

Last year we were approach by Mr and Mrs. O Wright , who moved into a one bedroom apartment in Llanbrynmair in January 1999. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparative flats in Llanbrynmair with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 invoiced annually. The lease expired in 2087. Taking into account 61 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 plus costs.