Main reasons to start your Old St Mellons lease extension

Top reasons for lease extension now:

A Old St Mellons leasehold property depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Old St Mellons can extend the lease for a further ninety years in accordance with legislation. Do think carefully before delaying your Old St Mellons lease extension. Shelving the costs now simply escalates the amount you will ultimately have to pay to extend the lease.

Old St Mellons property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

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

Most mortgage companies require a lengthy amount of time remaining on a leasehold property before they will consider lending on it. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wanting to acquire your property in the future might well do, so where they are not able to secure a mortgage, then the market price of your property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Old St Mellons?

The conveyancing solicitors that we work with procure Old St Mellons lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Old St Mellons Lease Extension Case Summaries:

Sebastian, Old St Mellons, Cardiff,

Sebastian was the the leasehold owner of a conversion flat in Old St Mellons on the market with a lease of fraction over 72 years outstanding. Sebastian informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Old St Mellons case:

Last May we were called by Mr and Mrs. D Peterson , who bought a basement apartment in Old St Mellons in July 2004. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Old St Mellons with a long lease were worth £267,600. The average amount of ground rent was £65 invoiced yearly. The lease concluded on 4 October 2092. Considering the 67 years outstanding we calculated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 not including legals.

Old St Mellons case:

In 2014 we were e-mailed by Mr T Gray who, having moved into a recently refurbished flat in Old St Mellons in June 1999. The question was if we could approximate the premium would likely be to prolong the lease by ninety years. Identical residencies in Old St Mellons with 100 year plus lease were valued around £206,200. The mid-range ground rent payable was £60 invoiced every twelve months. The lease ended in 2081. Taking into account 56 years outstanding we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.