Top reasons for Llanwrtyd Wells lease extension

Top reasons for lease extension now:

Increase your lease and increase your Llanwrtyd Wells property value

Llanwrtyd Wells 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 your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Llanwrtyd Wells residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Llanwrtyd Wells you must check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to loan monies with a short lease

Nearly all mortgage lenders will not grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Llanwrtyd Wells property becoming difficult to sell or refinance.

What makes us experts in Llanwrtyd Wells lease extensions?

The lawyers that we work with undertake Llanwrtyd Wells 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 conveyancing solicitor we work with provide it.

Llanwrtyd Wells Lease Extension Case Summaries:

Riley, Llanwrtyd Wells, Powys,

Riley was the the leasehold owner of a 2 bedroom apartment in Llanwrtyd Wells being marketed with a lease of a little over fifty eight years remaining. Riley informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Riley to exercise his statutory right. Riley obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Llanwrtyd Wells case:

Last year we were approach by Ms Natasha Fournier , who took over the lease of a recently refurbished apartment in Llanwrtyd Wells in September 1996. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparative flats in Llanwrtyd Wells with an extended lease were in the region of £250,000. The average amount of ground rent was £50 billed yearly. The lease terminated in 2095. Taking into account 69 years left we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Llanwrtyd Wells case:

Last Christmas we were contacted by Mrs A Rose , who owned a newly refurbished apartment in Llanwrtyd Wells in September 2007. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparative flats in Llanwrtyd Wells with an extended lease were worth £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease terminated on 24 January 2106. Given that there were 80 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.