Top reasons for Newbridge lease extension

Why you should commence your Newbridge lease extension today:

A Newbridge lease 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 expense of a lease extension can increase significantly once the unexpired lease term is less than eighty years

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

It is generally considered that a property with in excess of 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 decades to come.

Mortgage lenders may not lend on a short lease

Lenders are really restricting their approach as regards to homes in Newbridge with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Get in touch with one of our Newbridge lease extension solicitors or enfranchisement solicitors

Lease extensions in Newbridge can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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:

Sian, Newbridge, Caerphilly,

Trailing unsuccessful discussions with the landlord of her purpose-built flat in Newbridge, Sian initiated the lease extension process as the eighty year deadline was fast advancing. The lease extension was finalised in January 2010. The landlord’s fees were kept to an absolute minimum.

Newbridge case:

Last Spring we were phoned by Mrs D Phillips , who was assigned a lease of a purpose-built apartment in Newbridge in September 1999. We are asked if we could approximate the price could be to extend the lease by an additional years. Similar properties in Newbridge with 100 year plus lease were worth £265,000. The average ground rent payable was £55 invoiced quarterly. The lease ended in 2100. Considering the 74 years left we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.

Newbridge case:

Ms Ellie Clark bought a ground floor flat in Newbridge in June 1999. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Similar residencies in Newbridge with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 billed annually. The lease ran out in 2080. Considering the 54 years unexpired we estimated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of fees.