Main reasons to commence your Pontprennau lease extension

Why you should start your Pontprennau lease extension today:

Increase your lease and increase your Pontprennau property value

The market value of Pontprennau leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies will not loan monies on a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Pontprennau property being difficult to dispose of or to obtain finance on.

What makes us experts in Pontprennau lease extensions?

Regardless of whether you are a tenant or a freeholder in Pontprennau,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Pontprennau valuers.

Pontprennau Lease Extension Case Studies:

Aiden, Pontprennau, Cardiff

Twenty four months ago Aiden, came dangerously close to the 80-year threshold with the lease on his one bedroom apartment in Pontprennau. Having purchased his property two decades ago, the lease term was of minimal interest. by good luck, he realised he needed to take action soon on Extending the lease. Aiden arranged for a lease extension just under the wire last September. Aiden and the landlord in the end settled on a premium of £5,500 . If the lease had slid to less than 80 years, the figure would have become more costly by at least £1,050.

Pontprennau case:

Last year we were called by Dr N Martin , who purchased a studio flat in Pontprennau in April 1996. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparable residencies in Pontprennau with a long lease were in the region of £191,000. The average amount of ground rent was £65 billed monthly. The lease lapsed on 14 November 2084. Given that there were 58 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 not including costs.

Pontprennau case:

In 2009 we were phoned by Mr and Mrs. C Allen who, having was assigned a lease of a one bedroom apartment in Pontprennau in October 1998. The dilemma was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical homes in Pontprennau with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 billed quarterly. The lease terminated in 2095. Having 69 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.