Top reasons for Mynydd Isa lease extension

Top reasons for lease extension now:

Increase your lease and increase your Mynydd Isa property value

The value of Mynydd Isa leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is below than eighty years

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

Leasehold residencies in Mynydd Isa with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions will not loan monies on a short lease

Nearly all mortgage lenders will not lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this could result in your Mynydd Isa property becoming difficult to dispose of or remortgage.

Get in touch with one of our Mynydd Isa lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Mynydd Isa,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Mynydd Isa valuers.

Mynydd Isa Lease Extension Example Cases:

Austin, Mynydd Isa, Flintshire

Last October Austin, started to get close to the eighty-year mark with the lease on his ground floor flat in Mynydd Isa. In buying his home 19 years ago, the lease term was of minimal significance. Fortunately, he realised he would imminently be paying way over the odds for Extending the lease. Austin was able to extend his lease at the eleventh hour last July. Austin and the freeholder via the management company in the end agreed on a premium of £5,500 . If he not met the deadline, the premium would have increased by at least £1,125.

Mynydd Isa case:

Last Autumn we were called by Dr Teddy Robinson , who acquired a ground floor apartment in Mynydd Isa in July 2009. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Identical premises in Mynydd Isa with 100 year plus lease were worth £260,000. The average amount of ground rent was £50 billed every twelve months. The lease terminated in 2098. Having 72 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.

Mynydd Isa case:

In 2011 we were contacted by Dr Amy David who, having moved into a basement flat in Mynydd Isa in July 2007. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical homes in Mynydd Isa with 100 year plus lease were in the region of £261,600. The mid-range ground rent payable was £60 invoiced per annum. The lease terminated in 2078. Considering the 52 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 plus fees.