Stop! Your Lease Extension in Rhymney Could Be FREE

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Many leaseholders in Rhymney are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Rhymney has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Rhymney lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rhymney property value

Chances are that if you own a flat in Rhymney you actually own a long leasehold interest over your property

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

Leasehold properties in Rhymney with over one hundred years remaining 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not finance a property on a short lease

Lenders are really restricting their approach as regards to properties in Rhymney with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting the number of potential buyers.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

What makes us experts in Rhymney lease extensions?

Irrespective of whether you are a tenant or a landlord in Rhymney,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Rhymney valuers.

Rhymney Lease Extension Case Studies:

Lewis, Rhymney, Caerphilly

Two years ago Lewis, came critically close to the 80-year threshold with the lease on his purpose- built flat in Rhymney. Having bought his flat two decades ago, the unexpired term was of little relevance. Luckily, he noticed he needed to take steps soon on Extending the lease. Lewis arranged for a lease extension just under the wire in September. Lewis and the freeholder subsequently agreed on an amount of £6,000 . If the lease had dipped below eighty years, the sum would have become more exhorbitant by a minimum £975.

Rhymney case:

In 2012 we were phoned by Mr R Wilson who, having purchased a newly refurbished apartment in Rhymney in April 1995. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparative residencies in Rhymney with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £65 billed monthly. The lease expiry date was in 2094. Considering the 68 years unexpired we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of legals.

Rhymney case:

In 2012 we were e-mailed by Mr Jason Watson who, having moved into a studio apartment in Rhymney in March 2011. We are asked if we could estimate the premium could be for a 90 year lease extension. Similar homes in Rhymney with 100 year plus lease were in the region of £208,600. The average amount of ground rent was £60 collected per annum. The lease ran out in 2083. Taking into account 57 years left we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including expenses.