Top reasons for Llansamlet lease extension

Why you should commence your Llansamlet lease extension today:

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

The value of Llansamlet leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than eighty years

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to finance a property on a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold homes. Some will simply not lend at all once the remaining lease term drops beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Llansamlet home.

What makes us experts in Llansamlet lease extensions?

Engaging our service gives you better control over the value of your Llansamlet leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Llansamlet Lease Extension Case Summaries:

Rhiannon, Llansamlet, Swansea,

Trailing protracted discussions with the landlord of her purpose-built flat in Llansamlet, Rhiannon started the lease extension process just as the lease was nearing the critical 80-year mark. The lease extension completed in October 2012. The freeholder’s charges were restricted to less than 700 pounds.

Llansamlet case:

Ms Isabel Cox was assigned a lease of a recently refurbished flat in Llansamlet in April 2011. The question was if we could estimate the premium would be to prolong the lease by ninety years. Comparative flats in Llansamlet with 100 year plus lease were valued around £189,000. The average ground rent payable was £55 collected annually. The lease ran out in 2079. Considering the 53 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus fees.

Llansamlet case:

In 2010 we were contacted by Dr D James who, having moved into a garden apartment in Llansamlet in April 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Llansamlet with a long lease were valued around £290,000. The average amount of ground rent was £45 billed every twelve months. The lease ran out in 2099. Given that there were 73 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.