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Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Newbridge lease extension

Top reasons for lease extension now:

A Newbridge leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Newbridge you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Newbridge with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

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

Mortgage companies do not like short residential leases. You are likely to encounter difficulties where you need to sell your flat in Newbridge if the remaining term of your lease is under the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Leeds Building Society 85 years remaining from the start of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Newbridge?

Engaging our service gives you increased control over the value of your Newbridge leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Newbridge Lease Extension Case Summaries:

Isabel, Newbridge, Caerphilly,

Off the back of protracted correspondence with the freeholder of her studio apartment in Newbridge, Isabel commenced the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction was concluded in August 2008. The freeholder’s charges were kept to an absolute minimum.

Newbridge case:

In 2011 we were approached by Ms Megan Evans who, having moved into a studio apartment in Newbridge in May 2006. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Identical homes in Newbridge with 100 year plus lease were worth £166,400. The average ground rent payable was £60 billed monthly. The lease terminated in 2078. Having 54 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 plus fees.

Newbridge case:

In 2012 we were contacted by Dr Kyle Phillips who, having purchased a basement flat in Newbridge in April 1996. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative residencies in Newbridge with a long lease were in the region of £227,800. The average ground rent payable was £45 collected per annum. The lease came to a finish in 2089. Having 65 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.