Why you should commence your Reynoldston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Reynoldston property value

The value of Reynoldston 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 escalate materialy once the unexpired lease term is less than 80 years

Reynoldston property with a lease extension has roughly the same value as a freehold

Leasehold properties in Reynoldston with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Lenders may not loan monies with a short lease

The trend since the credit crunch has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Reynoldston lease extensions?

Lease extensions in Reynoldston can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Reynoldston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Reynoldston Lease Extension Example Cases:

Harvey, Reynoldston, Swansea,

Harvey was the the leasehold owner of a 2 bedroom apartment in Reynoldston being marketed with a lease of a little over sixty years outstanding. Harvey on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Harvey to exercise his statutory right. Harvey procured expert legal guidance and secured satisfactory resolution without going to tribunal and sell the flat.

Reynoldston case:

Last Autumn we were called by Mr and Mrs. S King , who purchased a garden apartment in Reynoldston in January 1999. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Similar residencies in Reynoldston with a long lease were in the region of £200,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease ended in 2104. Having 78 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.

Reynoldston case:

In 2013 we were contacted by Mr and Mrs. T Turner who, having acquired a one bedroom flat in Reynoldston in March 2003. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Identical homes in Reynoldston with an extended lease were valued about £267,600. The average amount of ground rent was £65 invoiced annually. The lease lapsed in 2093. Considering the 67 years outstanding we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of costs.