Stop! Your Lease Extension in Porthcawl Could Be FREE

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Many leaseholders in Porthcawl 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 Porthcawl 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.

Main reasons to commence your Porthcawl lease extension

Main reasons to start your Porthcawl lease extension today:

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

The only way is down when it comes to Porthcawl lease terms. Porthcawl properties that have a residual term lower than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will rise.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be deficient security.

Lender Requirement
Birmingham Midshires
Chelsea Building Society
Halifax
TSB
Virgin

What makes us experts in Porthcawl lease extensions?

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

Porthcawl Lease Extension Example Cases:

Theo, Porthcawl, Bridgend

Last Summer Theo, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Porthcawl. Having bought his property two decades ago, the length of the lease was of minimal significance. Luckily, he became aware that he would imminently be paying an inflated amount for a lease extension. Theo extended the lease just ahead of time in July. Theo and the landlord in the end settled on sum of £5,500 . If he had missed the deadline, the price would have increased by at least £900.

Porthcawl case:

Dr Francesca Peterson moved into a one bedroom apartment in Porthcawl in May 2006. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable flats in Porthcawl with a long lease were in the region of £166,800. The mid-range amount of ground rent was £50 billed yearly. The lease lapsed on 4 July 2076. Considering the 50 years remaining we approximated the premium to the landlord to extend the lease to be between £32,300 and £37,400 plus fees.

Porthcawl case:

Last Autumn we were approach by Dr Leo Roux , who completed a studio apartment in Porthcawl in August 1998. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar flats in Porthcawl with 100 year plus lease were valued around £280,000. The mid-range ground rent payable was £45 billed every twelve months. The lease came to a finish in 2096. Considering the 70 years left we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.