Main reasons to start your Llantarnam lease extension

Main reasons to start your Llantarnam lease extension today:

Increase your lease and increase your Llantarnam property value

As the the remaining lease term of a Llantarnam domestic lease diminished so does its value and therefore the value of your property. Where the lease has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending without delay. Many flat owners in Llantarnam will qualify for this right; that being said a lawyer should be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold properties in Llantarnam with over 100 years outstanding 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may not lend on a short lease

Many mortgage companies will be unwilling to lend on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Llantarnam property being difficult to sell or refinance.

Why use us for your lease extension in Llantarnam?

Regardless of whether you are a tenant or a freeholder in Llantarnam,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Llantarnam valuers.

Llantarnam Lease Extension Example Cases:

Callum, Llantarnam, Torfaen

Last year Callum, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Llantarnam. Having bought his flat 18 years ago, the unexpired term was of little importance. Thankfully, he noticed he needed to take action soon on a lease extension. Callum was able to extend his lease just ahead of time in September. Callum and the landlord subsequently agreed on a premium of £6,000 . If the lease had slipped lower than eighty years, the amount would have become more exhorbitant by at least £1,050.

Llantarnam case:

In 2012 we were approached by Ms N Williams who, having purchased a studio flat in Llantarnam in October 2011. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Identical residencies in Llantarnam with 100 year plus lease were in the region of £208,600. The mid-range amount of ground rent was £60 collected quarterly. The lease came to a finish on 10 April 2083. Given that there were 57 years remaining we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including costs.

Llantarnam case:

Dr Alexander Brooks owned a garden apartment in Llantarnam in August 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Identical properties in Llantarnam with an extended lease were valued around £200,000. The mid-range amount of ground rent was £50 billed per annum. The lease elapsed in 2103. Taking into account 77 years unexpired we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including fees.