Top reasons for Neath lease extension

Main reasons to start your Neath lease extension today:

Increase your lease and increase your Neath property value

With a long leasehold premises in Neath, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably once there are fewer than eighty years left. Leasehold owners in Neath with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has under 80 years left, under the relevant statute the landlord can calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.

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

It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may not loan monies on a short lease

Most banks and building societies require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone wishing to acquire your property in the future might well do, so if they are not able to get a mortgage, then the value of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Neath?

Lease extensions in Neath can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Neath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Neath Lease Extension Case Studies:

Caitlin, Neath, Baglan,

Subsequent to protracted negotiations with the landlord of her purpose-built apartment in Neath, Caitlin started the lease extension process just as the lease was nearing the all-important eighty-year threshold. The transaction completed in January 2015. The landlord’s charges were restricted to below 450 pounds.

Neath case:

Dr V Cook purchased a studio apartment in Neath in October 2007. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Neath with a long lease were valued around £280,000. The average ground rent payable was £55 billed every twelve months. The lease ended in 2104. Given that there were 78 years unexpired we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus legals.

Neath case:

Last Summer we were contacted by Ms R Baker , who purchased a ground floor flat in Neath in October 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparative residencies in Neath with an extended lease were worth £183,600. The mid-range ground rent payable was £65 invoiced yearly. The lease ran out in 2083. Considering the 57 years unexpired we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus fees.