Top reasons for Rhoose lease extension

Main reasons to commence your Rhoose lease extension today:

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

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

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

Leasehold premises in Rhoose with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not lend with a short lease

Mortgage companies do not grant a mortgage on short residential leases. You are likely to encounter difficulties if you need to sell your flat in Rhoose if the remaining term of your lease is less than the criteria set by the majority of lenders. Different mortgage companies have different requirements but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Rhoose?

Lease extensions in Rhoose can be a difficult process. We recommend you obtain professional help from a lawyer 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 a wealth of experience dealing with Rhoose lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rhoose Lease Extension Example Cases:

Blake, Rhoose, Vale Of Glamorgan,

Blake owned a 2 bedroom apartment in Rhoose being sold with a lease of fraction over fifty eight years remaining. Blake on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Blake to invoke his statutory right. Blake obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Rhoose case:

In 2011 we were contacted by Dr Caitlin García who, having was assigned a lease of a one bedroom flat in Rhoose in September 2001. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Rhoose with an extended lease were worth £285,000. The average ground rent payable was £45 collected monthly. The lease ran out on 11 October 2097. Taking into account 71 years remaining we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including expenses.

Rhoose case:

Last Spring we were phoned by Mrs Grace Bernard , who purchased a purpose-built apartment in Rhoose in August 2008. The dilemma was if we could approximate the price would likely be to extend the lease by 90 years. Comparable premises in Rhoose with 100 year plus lease were valued about £225,800. The mid-range ground rent payable was £60 collected every twelve months. The lease terminated in 2086. Having 60 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £25,700 and £29,600 plus costs.