Why you should start your Llandrindod Wells lease extension

Why you should commence your Llandrindod Wells lease extension today:

Increase your lease and increase your Llandrindod Wells property value

Llandrindod Wells leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Llandrindod Wells residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Llandrindod Wells you would be well advised to investigate if your lease has between 70 and 90 years left. There are good reasons why a Llandrindod Wells flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

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

Leasehold residencies in Llandrindod Wells with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to lend with a short lease

Lending institutions have specific criteria when lending monies charged on leasehold property. Many will simply not lend at all once an unexpired lease term drops beneath a specified unexpired lease term. Many Lending institutions will not consider 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 Llandrindod Wells property.

What makes us experts in Llandrindod Wells lease extensions?

Using our service gives you better control over the value of your Llandrindod Wells leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Llandrindod Wells Lease Extension Example Cases:

Ali, Llandrindod Wells, Powys

Last October Ali, came very near to the eighty-year threshold with the lease on his ground floor apartment in Llandrindod Wells. In buying his home 19 years ago, the unexpired term was of no relevance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Ali was able to extend his lease just under the wire last May. Ali and the freeholder eventually settled on a premium of £6,000 . If the lease had slipped below eighty years, the figure would have become more costly by at least £875.

Llandrindod Wells case:

Last month we were contacted by Mr and Mrs. H Girard , who moved into a first floor apartment in Llandrindod Wells in August 2012. We are asked if we could approximate the price could be for a 90 year lease extension. Identical properties in Llandrindod Wells with 100 year plus lease were worth £233,200. The average ground rent payable was £60 invoiced yearly. The lease lapsed on 13 June 2087. Considering the 61 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 not including fees.

Llandrindod Wells case:

Last month we were approach by Mr Ethan Jackson , who completed a garden apartment in Llandrindod Wells in January 2007. The question was if we could estimate the premium could be to prolong the lease by ninety years. Similar properties in Llandrindod Wells with an extended lease were worth £171,800. The mid-range ground rent payable was £55 invoiced yearly. The lease expiry date was in 2076. Given that there were 50 years remaining we estimated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 not including fees.