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 if you own a flat in Rhoose you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Rhoose with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to lend on a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should keep in mind that it is probable that someone wishing to buy your property in the future might well do, so where they can't get a mortgage, then the value of the property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Rhoose?

The conveyancers that we work with handle Rhoose lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Rhoose Lease Extension Example Cases:

Jamie, Rhoose, Vale Of Glamorgan

Last October Jamie, came perilously close to the 80-year mark with the lease on his one bedroom apartment in Rhoose. Having purchased his flat twenty years previously, the length of the lease was of little importance. Thankfully, he realised he needed to take steps soon on a lease extension. Jamie arranged for a lease extension at the eleventh hour last June. Jamie and the freeholder eventually agreed on sum of £5,000 . If he failed to meet the deadline, the sum would have increased by a minimum £1,150.

Rhoose case:

Dr Sam Ward took over the lease of a garden apartment in Rhoose in August 2005. We are asked if we could approximate the premium would be to extend the lease by 90 years. Comparative residencies in Rhoose with a long lease were in the region of £218,400. The average ground rent payable was £60 invoiced quarterly. The lease finished on 11 January 2085. Considering the 59 years remaining we estimated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of expenses.

Rhoose case:

In 2010 we were called by Mr and Mrs. R Leroy who, having acquired a recently refurbished apartment in Rhoose in August 2010. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Identical premises in Rhoose with 100 year plus lease were valued about £205,000. The average ground rent payable was £50 invoiced per annum. The lease terminated on 21 October 2105. Having 79 years unexpired we estimated the premium to the landlord for the lease extension to be within £7,600 and £8,800 not including legals.