Llantwit Major Lease Extension - Free Consultation

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Before you progress with your lease extension in Llantwit Major
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Llantwit Major lease extension

Why you should start your Llantwit Major lease extension today:

Increase your lease and increase your Llantwit Major property value

Llantwit Major residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

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

Leasehold properties in Llantwit Major with over 100 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 reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not loan monies on a short lease

Many mortgage lenders will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Llantwit Major property being difficult to dispose of or remortgage.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
National Westminster Bank Mortgage term plus 30 years.
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.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Llantwit Major lease extensions?

Engaging our service will provide you enhanced control over the value of your Llantwit Major leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Llantwit Major Lease Extension Case Studies:

Rachael, Llantwit Major, Vale Of Glamorgan,

Off the back of protracted discussions with the landlord of her first floor apartment in Llantwit Major, Rachael commenced the lease extension process as the 80 year deadline was quickly nearing. The legal work was finalised in September 2005. The freeholder’s costs were restricted to a tad over 550 GBP.

Llantwit Major case:

Dr L Stewart moved into a one bedroom flat in Llantwit Major in August 2010. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative residencies in Llantwit Major with an extended lease were valued about £270,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease ran out in 2100. Taking into account 75 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.

Llantwit Major case:

Mr and Mrs. C Bernard was assigned a lease of a basement flat in Llantwit Major in April 2006. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparative premises in Llantwit Major with a long lease were valued around £173,800. The average amount of ground rent was £60 invoiced monthly. The lease expired in 2080. Taking into account 55 years outstanding we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus costs.