Main reasons to commence your Risca lease extension

Main reasons to commence your Risca lease extension today:

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

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

An extended lease has roughly the same value as a freehold

Leasehold properties in Risca with more than one hundred years outstanding on the lease are sometimes 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not loan monies on a short lease

Most mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone wanting to acquire your property in the future might well do, so where they can't obtain a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Risca lease extensions?

The conveyancing solicitors that we work with undertake Risca 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 lawyer we work with provide it.

Risca Lease Extension Example Cases:

Charlotte, Risca, Caerphilly,

After unsuccessful discussions with the freeholder of her purpose-built apartment in Risca, Charlotte commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction completed in June 2008. The freeholder’s fees were kept to an absolute minimum.

Risca case:

Last year we were contacted by Mrs O Bonnet , who owned a ground floor flat in Risca in August 1996. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Identical premises in Risca with 100 year plus lease were valued about £275,000. The average ground rent payable was £55 billed monthly. The lease ran out in 2103. Considering the 77 years remaining we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus expenses.

Risca case:

Last Summer we were approach by Ms Isabel Hill , who acquired a garden apartment in Risca in November 2003. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Identical properties in Risca with a long lease were in the region of £183,600. The average ground rent payable was £65 billed every twelve months. The lease ended on 17 July 2083. Having 57 years outstanding we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus fees.