Top reasons for Llantwit Major lease extension

Main reasons to commence your Llantwit Major lease extension today:

A Llantwit Major leasehold property depreciates with the years remaining on the lease.

Llantwit Major 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 becomes more expensive. The majority of owners of residential leasehold property in Llantwit Major enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Llantwit Major you would be well advised to investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Llantwit Major leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

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

Most banks and building societies require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so where they can't get a mortgage, then the value of your property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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

The conveyancing solicitors that we work with handle Llantwit Major 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.

Llantwit Major Lease Extension Example Cases:

Stephanie, Llantwit Major, Vale Of Glamorgan,

Trailing lengthy correspondence with the freeholder of her first floor apartment in Llantwit Major, Stephanie commenced the lease extension process just as the lease was nearing the all-important 80-year deadline. The legal work was concluded in September 2011. The landlord’s fees were kept to an absolute minimum.

Llantwit Major case:

Last Spring we were contacted by Mr and Mrs. C Dupont , who was assigned a lease of a ground floor apartment in Llantwit Major in February 2004. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar residencies in Llantwit Major with a long lease were worth £193,400. The average amount of ground rent was £65 collected monthly. The lease ran out in 2084. Having 59 years remaining we estimated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including expenses.

Llantwit Major case:

In 2014 we were called by Mr and Mrs. E Kelly who, having purchased a first floor flat in Llantwit Major in March 2002. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparative flats in Llantwit Major with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 billed per annum. The lease expired in 2095. Considering the 70 years remaining we approximated the compensation to the landlord for the lease extension to be within £10,500 and £12,000 exclusive of expenses.