Top reasons for Llandrindod Wells lease extension

Why you should commence your Llandrindod Wells lease extension today:

Increase your lease and increase your Llandrindod Wells property value

The only way is down when it comes to Llandrindod Wells lease terms. Llandrindod Wells leaseholds that have a remaining term shorter than 80 years will reduce in value at a rapid rate, and the cost to extend your lease will rise.

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

Leasehold premises in Llandrindod Wells with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 maintenance charges justify it.

Lending institutions may not issue a mortgage with a short lease

Lenders do not like short residential leases. You are likely to experience difficulties if you want to sell your flat in Llandrindod Wells if the unexpired lease term is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying criteria but generally theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Llandrindod Wells lease extensions?

Retaining our service gives you increased control over the value of your Llandrindod Wells leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Llandrindod Wells Lease Extension Case Studies:

Louise, Llandrindod Wells, Powys,

Following unsuccessful negotiations with the landlord of her one bedroom flat in Llandrindod Wells, Louise commenced the lease extension process as the 80 year deadline was rapidly coming. The lease extension was finalised in March 2005. The freeholder’s costs were restricted to approximately 550 GBP.

Llandrindod Wells case:

Last Christmas we were called by Mrs Georgina Leroy , who bought a studio flat in Llandrindod Wells in July 1995. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar homes in Llandrindod Wells with a long lease were valued around £290,000. The mid-range ground rent payable was £45 collected per annum. The lease terminated in 2099. Given that there were 73 years remaining we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.

Llandrindod Wells case:

In 2011 we were contacted by Dr I Mitchell who, having was assigned a lease of a ground floor apartment in Llandrindod Wells in July 2005. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical properties in Llandrindod Wells with 100 year plus lease were valued about £240,600. The mid-range ground rent payable was £60 billed annually. The lease lapsed on 24 June 2088. Having 62 years remaining we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of legals.