Why you should start your Pembroke lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pembroke property value

The only way is down when it comes to Pembroke lease terms. Pembroke leaseholds that have a residual term shorter than eighty years will reduce in value even faster, and the cost of extending your lease will rise.

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

It is generally accepted that a property with in excess of 100 years remaining 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 decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties as and when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an imminent desire to sell but when you do your purchaser must wait two years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Pembroke?

Lease extensions in Pembroke can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 Pembroke lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pembroke Lease Extension Case Studies:

Alisha, Pembroke, Pembrokeshire,

Subsequent to lengthy discussions with the landlord of her garden apartment in Pembroke, Alisha started the lease extension process as the eighty year deadline was rapidly coming. The lease extension was finalised in November 2009. The landlord’s costs were kept to an absolute minimum.

Pembroke case:

Ms Chantelle David was assigned a lease of a recently refurbished flat in Pembroke in November 2007. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparative flats in Pembroke with 100 year plus lease were in the region of £254,200. The average ground rent payable was £60 collected yearly. The lease elapsed on 15 May 2077. Considering the 51 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 plus professional charges.

Pembroke case:

In 2009 we were called by Mr and Mrs. K Cooper who, having purchased a ground floor apartment in Pembroke in November 1998. We are asked if we could approximate the price would be for a ninety year lease extension. Identical premises in Pembroke with 100 year plus lease were in the region of £210,600. The average amount of ground rent was £45 collected every twelve months. The lease expired in 2088. Taking into account 62 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including professional charges.