Stop! Your Lease Extension in Pontcanna Could Be FREE

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Many leaseholders in Pontcanna are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Pontcanna has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Pontcanna lease extension

Why you should commence your Pontcanna lease extension today:

Increase your lease and increase your Pontcanna property value

Pontcanna residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not loan monies on a short lease

Mortgage lenders have specific criteria when loaning monies charged on leasehold property. Many will simply not lend at all once the remaining lease term slips beneath a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years suitable security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Pontcanna home.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

What makes us experts in Pontcanna lease extensions?

Retaining our service gives you enhanced control over the value of your Pontcanna leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish 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.

Pontcanna Lease Extension Example Cases:

Milo, Pontcanna, Cardiff

Two years ago Milo, started to get near to the eighty-year threshold with the lease on his purpose- built flat in Pontcanna. Having purchased his home two decades ago, the lease term was of no bearing. As luck would have it, he realised he would imminently be paying an inflated amount for a lease extension. Milo arranged for a lease extension just in the nick of time in September. Milo and the landlord who owned the flat above subsequently agreed on a premium of £5,000 . If the lease had gone lower than 80 years, the premium would have gone up by a minimum £1,025.

Pontcanna case:

In 2010 we were called by Mr Michael Bonnet who, having took over the lease of a ground floor apartment in Pontcanna in July 2005. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Similar homes in Pontcanna with 100 year plus lease were worth £176,200. The average amount of ground rent was £65 collected per annum. The lease concluded on 25 February 2082. Taking into account 56 years left we calculated the premium to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of expenses.

Pontcanna case:

Dr Y Green took over the lease of a first floor flat in Pontcanna in January 2001. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparative premises in Pontcanna with a long lease were valued about £242,600. The average amount of ground rent was £45 invoiced per annum. The lease finished in 2093. Taking into account 67 years remaining we approximated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of legals.