Main reasons to start your Mumbles lease extension

Why you should commence your Mumbles lease extension today:

Increase your lease and increase your Mumbles property value

Chances are that where you own a flat in Mumbles you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Mumbles with in excess of 100 years outstanding 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 property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties when you come to dispose of or refinance your property as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your purchaser will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Mumbles?

Using our service gives you enhanced control over the value of your Mumbles leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Mumbles Lease Extension Case Studies:

Zachary, Mumbles, Swansea

Last Autumn Zachary, came critically near to the 80-year mark with the lease on his two bedroom apartment in Mumbles. Having bought his property two decades ago, the lease term was of little relevance. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Zachary extended the lease just under the wire last January. Zachary and the landlord in the end agreed on a premium of £5,500 . If he failed to meet the deadline, the figure would have gone up by at least £925.

Mumbles case:

Mr Edward Hill purchased a newly refurbished apartment in Mumbles in February 1995. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Similar flats in Mumbles with 100 year plus lease were valued about £260,000. The average amount of ground rent was £50 collected per annum. The lease terminated on 2 January 2099. Having 73 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Mumbles case:

Ms Alisha García bought a basement apartment in Mumbles in September 2001. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Similar homes in Mumbles with a long lease were in the region of £261,600. The average ground rent payable was £60 collected yearly. The lease came to a finish in 2078. Considering the 52 years unexpired we calculated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 not including costs.