Why you should start your Pontypridd lease extension

Main reasons to commence your Pontypridd lease extension today:

Increase your lease and increase your Pontypridd property value

The closer a domestic lease in Pontypridd nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, over 125 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Pontypridd will meet the qualifying criteria; however a conveyancer can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Given that plenty of flats in Pontypridd were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Pontypridd lease extensions?

Irrespective of whether you are a tenant or a landlord in Pontypridd,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Pontypridd valuers.

Pontypridd Lease Extension Example Cases:

Nathaniel, Pontypridd, Abercynon

Half a year ago Nathaniel, came very close to the eighty-year threshold with the lease on his two bedroom apartment in Pontypridd. In buying his property 19 years ago, the unexpired term was of little bearing. As luck would have it, he noticed he would soon be paying an inflated amount for Extending the lease. Nathaniel extended the lease just under the wire in July. Nathaniel and the landlord in the end settled on sum of £5,500 . If he failed to meet the deadline, the amount would have increased by a minimum £925.

Pontypridd case:

Last Christmas we were e-mailed by Dr L Sharif , who acquired a purpose-built apartment in Pontypridd in June 2009. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar residencies in Pontypridd with a long lease were valued about £275,000. The mid-range ground rent payable was £45 invoiced yearly. The lease finished on 17 March 2095. Having 69 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.

Pontypridd case:

In 2011 we were phoned by Mr and Mrs. F Ali who, having was assigned a lease of a recently refurbished flat in Pontypridd in July 2005. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Comparative residencies in Pontypridd with a long lease were in the region of £216,000. The average amount of ground rent was £60 billed per annum. The lease terminated on 9 March 2084. Given that there were 58 years unexpired we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus fees.