Why you should commence your Plasmarl lease extension

Top reasons for lease extension now:

Increase your lease and increase your Plasmarl property value

For those whose Plasmarl flat is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

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

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Plasmarl property becoming difficult to sell or to obtain finance on.

What makes us experts in Plasmarl lease extensions?

Retaining our service gives you enhanced control over the value of your Plasmarl leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Plasmarl Lease Extension Example Cases:

Nathaniel, Plasmarl, Swansea

Last October Nathaniel, started to get close to the 80-year threshold with the lease on his studio apartment in Plasmarl. In buying his home twenty years ago, the lease term was of little concern. by good luck, he recognised he needed to take action soon on a lease extension. Nathaniel was able to extend his lease at the eleventh hour last January. Nathaniel and the landlord who owned the flat above ultimately agreed on a premium of £6,000 . If he failed to meet the deadline, the premium would have become more exhorbitant by at least £1,125.

Plasmarl case:

Last year we were e-mailed by Mr and Mrs. C Hall , who acquired a one bedroom apartment in Plasmarl in February 2012. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical premises in Plasmarl with a long lease were worth £200,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease end date was on 7 July 2104. Taking into account 78 years unexpired we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.

Plasmarl case:

Last year we were approach by Mr T Davies , who took over the lease of a one bedroom apartment in Plasmarl in August 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Plasmarl with a long lease were worth £267,600. The average amount of ground rent was £65 billed yearly. The lease termination date was in 2093. Having 67 years outstanding we calculated the premium to the landlord to extend the lease to be within £14,300 and £16,400 plus costs.