Main reasons to commence your Reynoldston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Reynoldston property value

The closer a domestic lease in Reynoldston nears to zero years unexpired, the more it reduces the value of the property. If the lease has, over 125 years remaining then this decrease may be fractional that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner than later. Most flat owners in Reynoldston will qualify for this right; that being said a lawyer should be able to advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to lend with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Reynoldston property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Reynoldston?

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

Reynoldston Lease Extension Case Summaries:

Jason, Reynoldston, Swansea,

Jason owned a studio apartment in Reynoldston on the market with a lease of a few days over 59 years remaining. Jason informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Jason to exercise his statutory right. Jason procured expert advice and was able to make an informed decision and deal with the matter and sell the flat.

Reynoldston case:

Mr and Mrs. L Lewis owned a studio apartment in Reynoldston in June 2008. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar premises in Reynoldston with an extended lease were valued about £191,400. The average ground rent payable was £55 collected monthly. The lease concluded on 25 January 2080. Considering the 54 years unexpired we calculated the premium to the landlord to extend the lease to be between £34,200 and £39,600 not including expenses.

Reynoldston case:

Last Summer we were called by Dr G Rogers , who acquired a one bedroom flat in Reynoldston in June 2007. We are asked if we could approximate the price could be to extend the lease by an additional years. Comparative premises in Reynoldston with a long lease were in the region of £295,000. The average amount of ground rent was £45 collected every twelve months. The lease elapsed on 7 November 2100. Taking into account 74 years unexpired we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.