Top reasons for Pentwyn lease extension

Why you should commence your Pentwyn lease extension today:

Increase your lease and increase your Pentwyn property value

Unfortunately that a Pentwyn residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Pentwyn property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining falls under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Pentwyn will be able to extend under the legislation; however a conveyancer will be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly 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 many years in the future.

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

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get nervous at around 75 years. This may cause difficulties once you wish to dispose of or refinance your property as it will be practically unmortgageable. You may have no imminent desire to sell but when you do your buyer must hold off for two years before being able to start the legal procedures for a lease extension.

What makes us experts in Pentwyn lease extensions?

The conveyancing solicitors that we work with handle Pentwyn 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.

Pentwyn Lease Extension Example Cases:

Millie, Pentwyn, Cardiff,

In the wake of 6 months of lengthy negotiations with the landlord of her first floor flat in Pentwyn, Millie initiated the lease extension process as the 80 year deadline was rapidly approaching. The transaction completed in June 2007. The landlord’s costs were kept to an absolute minimum.

Pentwyn case:

In 2012 we were phoned by Mrs B Lee who, having bought a recently refurbished apartment in Pentwyn in March 2012. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Pentwyn with 100 year plus lease were worth £200,000. The average amount of ground rent was £50 invoiced quarterly. The lease concluded in 2103. Having 77 years unexpired we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.

Pentwyn case:

Mr and Mrs. D Mercier owned a purpose-built apartment in Pentwyn in October 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparable premises in Pentwyn with an extended lease were worth £260,200. The mid-range ground rent payable was £65 invoiced monthly. The lease ran out in 2092. Taking into account 66 years outstanding we estimated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 plus expenses.