Why you should start your Rogerstone lease extension

Why you should commence your Rogerstone lease extension today:

Increase your lease and increase your Rogerstone property value

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

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

Leasehold residencies in Rogerstone with in excess of 100 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not loan monies with a short lease

Most mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so if they can't get a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Rogerstone lease extensions?

Regardless of whether you are a tenant or a freeholder in Rogerstone,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 in-depth market knowledge and the close ties they enjoy with Rogerstone valuers.

Rogerstone Lease Extension Case Studies:

Leon, Rogerstone, Newport,

Leon was the the leasehold proprietor of a 2 bedroom flat in Rogerstone being sold with a lease of just over fifty eight years outstanding. Leon on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were Leon to invoke his statutory right. Leon obtained expert advice and was able to make an informed decision and deal with the matter and sell the property.

Rogerstone case:

In 2009 we were approached by Dr Anna Alexander who, having took over the lease of a first floor apartment in Rogerstone in April 2006. The question was if we could estimate the premium could be for a 90 year extension to my lease. Similar flats in Rogerstone with a long lease were worth £225,400. The average ground rent payable was £45 collected monthly. The lease finished in 2090. Considering the 64 years left we estimated the premium to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of fees.

Rogerstone case:

Mr H Adams was assigned a lease of a recently refurbished apartment in Rogerstone in July 2011. We are asked if we could approximate the price would be for a ninety year lease extension. Similar residencies in Rogerstone with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease terminated on 22 May 2101. Taking into account 75 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.