Top reasons for Pentre lease extension

Main reasons to start your Pentre lease extension today:

Increase your lease and increase your Pentre property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Pentre can extend the lease for a further 90 years under statute. Please give careful consideration before delaying your Pentre lease extension. Postponing the costs now simply escalates the premium you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to loan monies on a short lease

Almost all mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't get a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

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

Engaging our service will provide you enhanced control over the value of your Pentre leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Pentre Lease Extension Example Cases:

Tommy, Pentre, Abercynon

Two years ago Tommy, came critically close to the eighty-year threshold with the lease on his two bedroom flat in Pentre. In buying his flat two decades ago, the lease term was of little relevance. Luckily, he became aware that he needed to take action soon on Extending the lease. Tommy extended the lease at the eleventh hour last March. Tommy and the freeholder via the managing agents subsequently settled on an amount of £5,500 . If the lease had dropped below 80 years, the amount would have escalated by a minimum £950.

Pentre case:

Last August we were contacted by Ms K Robinson , who was assigned a lease of a first floor apartment in Pentre in August 2004. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar premises in Pentre with 100 year plus lease were worth £295,000. The average ground rent payable was £45 billed annually. The lease concluded in 2100. Having 74 years unexpired we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.

Pentre case:

In 2011 we were called by Ms Kelsey Martin who, having moved into a first floor flat in Pentre in June 2008. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Similar flats in Pentre with an extended lease were worth £248,000. The average amount of ground rent was £65 invoiced per annum. The lease elapsed in 2089. Considering the 63 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 plus costs.