Main reasons to start your Rhymney lease extension

Top reasons for lease extension now:

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

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

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lenders may decide not to lend on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Rhymney?

The lawyers that we work with procure Rhymney 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 conveyancer we work with provide it.

Rhymney Lease Extension Case Studies:

Gabriel, Rhymney, Caerphilly

Half a year ago Gabriel, came precariously close to the eighty-year threshold with the lease on his one bedroom apartment in Rhymney. Having purchased his home two decades ago, the unexpired term was of no relevance. Luckily, he became aware that he needed to take action soon on a lease extension. Gabriel extended the lease just in the nick of time in May. Gabriel and the landlord who owned the flat above in the end agreed on sum of £5,500 . If the lease had dipped to less than eighty years, the figure would have escalated by at least £1,150.

Rhymney case:

Dr Rosie Wright bought a first floor apartment in Rhymney in August 2010. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Similar flats in Rhymney with 100 year plus lease were worth £295,000. The average ground rent payable was £50 billed yearly. The lease end date was on 25 August 2101. Considering the 75 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.

Rhymney case:

Mr and Mrs. H Parker owned a recently refurbished apartment in Rhymney in May 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative premises in Rhymney with 100 year plus lease were worth £250,400. The mid-range amount of ground rent was £65 billed per annum. The lease lapsed on 20 November 2090. Having 64 years outstanding we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 not including fees.