Main reasons to start your Pontypool lease extension

Why you should commence your Pontypool lease extension today:

Increase your lease and increase your Pontypool property value

Pontypool leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Pontypool enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Pontypool you should see if your lease has between 70 and 90 years left. There are good reasons why a Pontypool leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone intending to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of the property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Pontypool lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Pontypool leasehold, as your property will be more valuable and saleable in relation to the lease length should you want 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.

Pontypool Lease Extension Example Cases:

Alexander, Pontypool, Torfaen

Last Autumn Alexander, came seriously close to the eighty-year mark with the lease on his two bedroom flat in Pontypool. In buying his flat two decades ago, the unexpired term was of little bearing. Fortunately, it dawned on him that he needed to take action soon on Extending the lease. Alexander extended the lease just under the wire in May. Alexander and the freeholder ultimately settled on sum of £6,000 . If he failed to meet the deadline, the figure would have increased by a minimum £1,100.

Pontypool case:

Last Winter we were called by Ms Tia Scott , who acquired a ground floor apartment in Pontypool in May 2008. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical residencies in Pontypool with a long lease were valued around £300,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ended in 2102. Given that there were 76 years left we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.

Pontypool case:

Ms Anna Taylor owned a studio apartment in Pontypool in May 2008. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Similar premises in Pontypool with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 collected per annum. The lease expiry date was in 2091. Having 65 years left we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including expenses.