Why you should start your Llanharan lease extension

Top reasons for lease extension now:

Increase your lease and increase your Llanharan property value

Llanharan leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Llanharan residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Llanharan you must investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Llanharan flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay

Llanharan 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 one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to lend on a short lease

Lending institutions have specific criteria when lending monies secured on leasehold homes. Many will simply refuse lend at all once the residual lease term slips below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Llanharan home.

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

Lease extensions in Llanharan can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Llanharan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llanharan Lease Extension Example Cases:

Georgina, Llanharan, Rhondda Cynon Taff,

Trailing lengthy discussions with the freeholder of her studio flat in Llanharan, Georgina started the lease extension process just as the lease was approaching the critical 80-year mark. The lease extension was finalised in October 2013. The landlord’s fees were negotiated to slightly above four hundred GBP.

Llanharan case:

In 2011 we were called by Ms Robyn Lefebvre who, having owned a purpose-built apartment in Llanharan in October 2007. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparable residencies in Llanharan with an extended lease were in the region of £208,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ran out on 3 October 2087. Taking into account 61 years outstanding we estimated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus professional charges.

Llanharan case:

In 2010 we were phoned by Mr and Mrs. O Morel who, having purchased a ground floor flat in Llanharan in November 2009. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Similar premises in Llanharan with a long lease were valued about £260,000. The mid-range amount of ground rent was £50 invoiced annually. The lease came to a finish in 2098. Considering the 72 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.