Main reasons to commence your Nantyglo lease extension

Main reasons to start your Nantyglo lease extension today:

Increase your lease and increase your Nantyglo property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Nantyglo. Clearly, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the residence needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Nantyglo have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Do give careful deliberation before putting off your Nantyglo lease extension. Holding off the cost now likely increases the price you will eventually incur to extend your lease

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

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may decide not to issue a mortgage on a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Nantyglo property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Nantyglo?

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

Nantyglo Lease Extension Example Cases:

Dylan, Nantyglo, Abertillery,

Dylan was the the leasehold proprietor of a studio apartment in Nantyglo being marketed with a lease of just over fifty eight years outstanding. Dylan informally spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Dylan to exercise his statutory right. Dylan procured expert advice and secured satisfactory resolution without resorting to tribunal and sell the flat.

Nantyglo case:

Mr and Mrs. P Adams acquired a basement apartment in Nantyglo in November 1997. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparative homes in Nantyglo with an extended lease were valued about £300,000. The average ground rent payable was £50 collected monthly. The lease termination date was on 18 February 2102. Having 76 years left we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Nantyglo case:

Last July we were contacted by Mr G Roberts , who acquired a one bedroom flat in Nantyglo in April 2011. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparable residencies in Nantyglo with 100 year plus lease were valued around £252,800. The average ground rent payable was £65 invoiced quarterly. The lease expired on 3 April 2091. Having 65 years left we estimated the premium to the landlord for the lease extension to be within £17,100 and £19,800 plus expenses.