Top reasons for Newbridge lease extension

Why you should commence your Newbridge lease extension today:

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

The value of Newbridge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately 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 in the future.

Mortgage lenders may not grant a mortgage on a short lease

Lenders are inclined not lend on short residential leases. You most probably encounter difficulties where you need to sell your flat in Newbridge if the remaining lease term is below the criteria set by the majority of lenders. Different lenders have varying requirements but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Newbridge?

Lease extensions in Newbridge can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.

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 procuring Newbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Newbridge Lease Extension Case Summaries:

Emma, Newbridge, Caerphilly,

After unsuccessful discussions with the landlord of her purpose-built flat in Newbridge, Emma started the lease extension process as the eighty year threshold was swiftly nearing. The transaction was finalised in August 2014. The freeholder’s costs were negotiated to about 550 pounds.

Newbridge case:

Mr and Mrs. S Vincent acquired a basement apartment in Newbridge in April 1996. The question was if we could approximate the price would likely be to extend the lease by an additional years. Comparable flats in Newbridge with an extended lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced annually. The lease came to a finish in 2096. Having 70 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 exclusive of fees.

Newbridge case:

Mr and Mrs. A Garcia moved into a basement flat in Newbridge in August 2012. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable properties in Newbridge with an extended lease were valued about £246,800. The average amount of ground rent was £60 billed annually. The lease came to a finish on 26 July 2076. Considering the 50 years unexpired we estimated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 exclusive of fees.