Stop! Your Lease Extension in Llantarnam Could Be FREE

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Many leaseholders in Llantarnam are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Llantarnam has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Llantarnam lease extension

Main reasons to start your Llantarnam lease extension today:

Increase your lease and increase your Llantarnam property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Llantarnam. Inevitably, the length of lease left shortens over time. This is often ignored and only becomes a problem when the property needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Llantarnam have the legal entitlement to extend the lease for a further 90 years in accordance with legislation. Please give careful consideration before delaying your Llantarnam lease extension. Holding off the cost now simply increases the price you will ultimately incur to extend your lease

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

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Llantarnam lease extensions?

Lease extensions in Llantarnam can be a difficult process. We recommend you get professional help from a lawyer 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 in-depth market knowledge dealing with Llantarnam lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llantarnam Lease Extension Example Cases:

Thomas, Llantarnam, Torfaen,

Thomas owned a 2 bedroom flat in Llantarnam being marketed with a lease of just over sixty years unexpired. Thomas on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Thomas to exercise his statutory right. Thomas obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Llantarnam case:

Last Summer we were called by Mr and Mrs. V Wright , who was assigned a lease of a ground floor flat in Llantarnam in November 2002. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Similar homes in Llantarnam with a long lease were valued about £280,000. The average ground rent payable was £45 billed monthly. The lease ran out on 7 July 2095. Having 69 years outstanding we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.

Llantarnam case:

Mr and Mrs. M Robinson completed a first floor flat in Llantarnam in April 2001. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative premises in Llantarnam with an extended lease were valued about £216,000. The average amount of ground rent was £60 collected annually. The lease terminated in 2084. Having 58 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including expenses.