Why you should commence your Rudry lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rudry property value

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

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

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

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be insufficient security.

What makes us experts in Rudry lease extensions?

Engaging our service will provide you increased control over the value of your Rudry leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rudry Lease Extension Case Studies:

Ethan, Rudry, Caerphilly,

Ethan was the the leasehold owner of a 2 bedroom flat in Rudry on the market with a lease of just over 61 years unexpired. Ethan on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.

Rudry case:

Last Christmas we were called by Mr Eliot López , who was assigned a lease of a first floor apartment in Rudry in February 1998. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparable properties in Rudry with 100 year plus lease were valued around £171,800. The average ground rent payable was £55 collected annually. The lease finished in 2076. Considering the 50 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 not including fees.

Rudry case:

Last Autumn we were phoned by Mrs A Allen , who purchased a basement flat in Rudry in May 1996. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Comparable flats in Rudry with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £45 billed monthly. The lease elapsed in 2096. Considering the 70 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.