Top reasons for Llanrhystud lease extension

Main reasons to commence your Llanrhystud lease extension today:

A Llanrhystud lease depreciates with the years remaining on the lease.

Llanrhystud 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 Llanrhystud residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Llanrhystud you must investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in Llanrhystud with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not lend with a short lease

Mortgage lenders have specific criteria when loaning monies charged on leasehold property. Many will simply not lend at all once the residual lease term slips below a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Llanrhystud home.

Why use us for your lease extension in Llanrhystud?

Lease extensions in Llanrhystud can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.

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 a wealth of experience dealing with Llanrhystud lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llanrhystud Lease Extension Example Cases:

Sophie, Llanrhystud, Ceredigion,

After protracted correspondence with the landlord of her leasehold flat in Llanrhystud, Sophie commenced the lease extension process as the 80 year mark was quickly approaching. The transaction completed in September 2012. The freeholder’s costs were kept to an absolute minimum.

Llanrhystud case:

In 2010 we were e-mailed by Mr and Mrs. O Baker who, having was assigned a lease of a garden apartment in Llanrhystud in February 2001. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Llanrhystud with a long lease were in the region of £235,600. The average amount of ground rent was £60 billed yearly. The lease lapsed on 25 June 2088. Given that there were 62 years remaining we estimated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including expenses.

Llanrhystud case:

Mr and Mrs. O Martínez owned a first floor flat in Llanrhystud in October 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative homes in Llanrhystud with a long lease were valued around £174,200. The average amount of ground rent was £55 invoiced monthly. The lease finished in 2077. Having 51 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus expenses.