Why you should commence your New Quay lease extension

Top reasons for lease extension now:

A New Quay lease depreciates with the years remaining on the lease.

The market value of New Quay leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than eighty years

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

Leasehold residencies in New Quay with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not lend with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should be mindful that it is likely that someone intending to acquire your property in the future might well do, so if they can't get a mortgage, then the value of the property will likely 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 New Quay?

Regardless of whether you are a tenant or a landlord in New Quay,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with New Quay valuers.

New Quay Lease Extension Case Summaries:

Sarah, New Quay, Ceredigion,

Trailing lengthy discussions with the landlord of her ground floor flat in New Quay, Sarah started the lease extension process just as her lease was approaching the critical 80-year mark. The legal work was finalised in August 2014. The landlord’s charges were kept to an absolute minimum.

New Quay case:

Mr and Mrs. R Evans purchased a one bedroom apartment in New Quay in August 2011. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Identical flats in New Quay with 100 year plus lease were worth £198,800. The mid-range ground rent payable was £55 collected yearly. The lease terminated on 9 June 2081. Given that there were 55 years left we estimated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 not including expenses.

New Quay case:

In 2013 we were contacted by Mr and Mrs. K Green who, having bought a first floor apartment in New Quay in March 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Comparable homes in New Quay with an extended lease were in the region of £300,000. The mid-range amount of ground rent was £50 collected quarterly. The lease came to a finish in 2101. Considering the 75 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.