Main reasons to start your Reynoldston lease extension

Main reasons to start your Reynoldston lease extension today:

A Reynoldston lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Reynoldston you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not lend on a short lease

Lending institutions have set criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once the residual lease term falls lower than a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Reynoldston home.

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

Engaging our service gives you increased control over the value of your Reynoldston leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Reynoldston Lease Extension Example Cases:

Isobel, Reynoldston, Swansea,

Subsequent to protracted discussions with the landlord of her purpose-built apartment in Reynoldston, Isobel initiated the lease extension process just as her lease was approaching the all-important 80-year deadline. The lease extension was finalised in January 2014. The freeholder’s charges were negotiated to approximately 600 GBP.

Reynoldston case:

Mr Jackson Wright moved into a first floor apartment in Reynoldston in January 2009. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Reynoldston with 100 year plus lease were in the region of £260,200. The mid-range amount of ground rent was £65 invoiced per annum. The lease expired in 2092. Having 66 years remaining we calculated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus legals.

Reynoldston case:

In 2010 we were called by Mr and Mrs. O Leroy who, having owned a purpose-built apartment in Reynoldston in June 2005. The dilemma was if we could estimate the price would be to extend the lease by a further 90 years. Comparable homes in Reynoldston with an extended lease were in the region of £198,800. The average ground rent payable was £55 invoiced per annum. The lease ended on 8 September 2081. Given that there were 55 years remaining we estimated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 plus legals.