Top reasons for New Quay lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Quay property value

With a residential leasehold premises in New Quay, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably when there are fewer than eighty years remaining. Leasehold owners in New Quay with a lease approaching 81 years left should seriously think of extending it without delay. Once the lease term has below 80 years left, under the current Act the freeholder is entitled to calculate and charge a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is due.

New Quay property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties in obtaining a mortgage and this could result in your New Quay property becoming difficult to dispose of or refinance.

What makes us experts in New Quay lease extensions?

Regardless of whether you are a tenant or a landlord in New Quay,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 New Quay valuers.

New Quay Lease Extension Example Cases:

Isabel, New Quay, Ceredigion,

In the wake of 9 months of unsuccessful negotiations with the freeholder of her two bedroom flat in New Quay, Isabel initiated the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The lease extension was finalised in November 2007. The landlord’s costs were kept to an absolute minimum.

New Quay case:

In 2011 we were contacted by Mr H Rodríguez who, having took over the lease of a one bedroom flat in New Quay in June 2005. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Similar properties in New Quay with 100 year plus lease were worth £295,000. The average ground rent payable was £45 billed annually. The lease concluded on 28 June 2100. Taking into account 74 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.

New Quay case:

Mr and Mrs. O Reed took over the lease of a basement flat in New Quay in September 1998. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Identical properties in New Quay with 100 year plus lease were worth £243,000. The mid-range ground rent payable was £65 invoiced yearly. The lease terminated in 2089. Having 63 years unexpired we estimated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 plus costs.