Main reasons to start your Pontarddulais lease extension

Main reasons to start your Pontarddulais lease extension today:

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

The value of Pontarddulais 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 materialy once the remaining term is less than 80 years

Pontarddulais property with a lease extension is almost the same value as a freehold

Leasehold properties in Pontarddulais with more than 100 years left on the lease are sometimes referred to as ‘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 reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to loan monies with a short lease

Most banks and building societies 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 be mindful that it is likely that someone wanting to buy your property in the future might well do, so if they can't secure a mortgage, then the value of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Pontarddulais?

Lease extensions in Pontarddulais can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 a wealth of experience procuring Pontarddulais lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pontarddulais Lease Extension Example Cases:

Zachary, Pontarddulais, Swansea,

Zachary was the the leasehold proprietor of a studio flat in Pontarddulais on the market with a lease of fraction over fifty eight years outstanding. Zachary on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Zachary to invoke his statutory right. Zachary procured expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Pontarddulais case:

In 2014 we were phoned by Mrs L Rogers who, having bought a one bedroom apartment in Pontarddulais in November 2009. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar flats in Pontarddulais with a long lease were valued about £265,000. The mid-range amount of ground rent was £55 billed per annum. The lease concluded on 13 June 2100. Given that there were 74 years outstanding we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.

Pontarddulais case:

Mr Muhammad Bonnet acquired a garden apartment in Pontarddulais in July 2011. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparable residencies in Pontarddulais with an extended lease were in the region of £166,400. The average amount of ground rent was £60 collected monthly. The lease concluded in 2080. Having 54 years outstanding we approximated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of legals.