Main reasons to start your Llantarnam lease extension

Top reasons for lease extension now:

A Llantarnam leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Llantarnam you actually own a long leasehold interest over your property

Llantarnam 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 additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will cause difficulties when you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your buyer must hold off for a couple of years before being able to exercise the right to a an extension to the lease.

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

The lawyers that we work with procure Llantarnam 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 conveyancer we work with provide it.

Llantarnam Lease Extension Example Cases:

Alice, Llantarnam, Torfaen,

After protracted negotiations with the landlord of her basement apartment in Llantarnam, Alice started the lease extension process as the 80 year threshold was swiftly approaching. The lease extension was finalised in May 2007. The freeholder’s charges were restricted to below 550 pounds.

Llantarnam case:

Last Christmas we were phoned by Mr and Mrs. T Davis , who took over the lease of a one bedroom apartment in Llantarnam in January 1997. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Llantarnam with an extended lease were valued around £300,000. The average ground rent payable was £50 collected yearly. The lease termination date was in 2102. Considering the 76 years remaining we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.

Llantarnam case:

Dr Oscar González completed a ground floor apartment in Llantarnam in May 2005. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Similar residencies in Llantarnam with a long lease were worth £257,800. The average ground rent payable was £65 invoiced every twelve months. The lease elapsed on 25 June 2091. Considering the 65 years remaining we approximated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 plus fees.