Top reasons for Pembroke lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pembroke property value

The market value of Pembroke 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 remaining 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 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders may decide not to loan monies with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wanting to acquire your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of the property will likely suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

Retaining our service gives you enhanced control over the value of your Pembroke leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Pembroke Lease Extension Case Studies:

Bethan, Pembroke, Pembrokeshire,

After lengthy correspondence with the freeholder of her first floor apartment in Pembroke, Bethan started the lease extension process just as the lease was coming close to the all-important eighty-year mark. The transaction completed in April 2008. The freeholder’s costs were negotiated to less than 600 pounds.

Pembroke case:

Dr W White moved into a one bedroom flat in Pembroke in June 2001. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Similar residencies in Pembroke with a long lease were valued about £255,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease ran out in 2096. Considering the 70 years left we estimated the premium to the landlord to extend the lease to be within £10,500 and £12,000 plus legals.

Pembroke case:

In 2011 we were approached by Ms Chantelle Green who, having owned a basement flat in Pembroke in May 2000. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Identical flats in Pembroke with an extended lease were valued about £246,800. The mid-range amount of ground rent was £60 collected annually. The lease came to a finish on 19 April 2076. Considering the 50 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 exclusive of fees.