Main reasons to commence your Pentwyn lease extension

Top reasons for lease extension now:

A Pentwyn leasehold property depreciates with the years remaining on the lease.

Pentwyn residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Pentwyn with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not loan monies with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Pentwyn were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Pentwyn can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 in-depth market knowledge dealing with Pentwyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pentwyn Lease Extension Example Cases:

Phoebe, Pentwyn, Cardiff,

Off the back of lengthy correspondence with the landlord of her leasehold flat in Pentwyn, Phoebe commenced the lease extension process just as the lease was coming close to the all-important 80-year deadline. The lease extension was finalised in May 2006. The freeholder’s costs were kept to an absolute minimum.

Pentwyn case:

In 2009 we were approached by Mrs Grace Thompson who, having took over the lease of a purpose-built flat in Pentwyn in March 2005. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparative properties in Pentwyn with a long lease were valued about £275,000. The mid-range ground rent payable was £45 collected quarterly. The lease termination date was on 19 February 2095. Having 69 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.

Pentwyn case:

Last Spring we were contacted by Ms Abigail Anderson , who moved into a newly refurbished flat in Pentwyn in January 1997. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Identical premises in Pentwyn with 100 year plus lease were in the region of £216,000. The mid-range ground rent payable was £60 invoiced per annum. The lease elapsed in 2084. Given that there were 58 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.