Main reasons to commence your Llansamlet lease extension

Top reasons for lease extension now:

Increase your lease and increase your Llansamlet property value

Llansamlet leases on residential properties are gradually decreasing in 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. The majority of owners of residential leasehold property in Llansamlet enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Llansamlet you really ought to see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold properties in Llansamlet with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not grant a mortgage on a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least 60 if not 70 years left at the end of the mortgage. As plenty of flats in Llansamlet were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Llansamlet lease extensions?

The conveyancers that we work with procure Llansamlet lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Llansamlet Lease Extension Example Cases:

Erin, Llansamlet, Swansea,

Trailing lengthy discussions with the freeholder of her garden flat in Llansamlet, Erin commenced the lease extension process just as the lease was nearing the critical 80-year mark. The legal work was concluded in November 2011. The freeholder’s costs were negotiated to about 700 GBP.

Llansamlet case:

Mrs J Jackson was assigned a lease of a basement flat in Llansamlet in March 2011. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Identical flats in Llansamlet with 100 year plus lease were worth £285,000. The average ground rent payable was £45 collected per annum. The lease came to a finish in 2098. Having 72 years left we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of legals.

Llansamlet case:

In 2014 we were phoned by Mr and Mrs. G Lefèvre who, having acquired a purpose-built apartment in Llansamlet in February 2004. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative residencies in Llansamlet with 100 year plus lease were worth £233,200. The average amount of ground rent was £60 collected per annum. The lease expired in 2087. Considering the 61 years as a residual term we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus costs.