Why you should start your Rumney lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Rumney lease terms. Rumney properties that have a remaining term shorter than 80 years will de-escalate in value even faster, and the cost to extend your lease will increase.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Rumney with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders will not finance a property on a short lease

Most banks 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 75 years as they are considered to be unacceptable for lending purposes.

What makes us experts in Rumney lease extensions?

Lease extensions in Rumney can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Rumney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rumney Lease Extension Example Cases:

Anna, Rumney, Cardiff,

Trailing unsuccessful discussions with the freeholder of her one bedroom apartment in Rumney, Anna initiated the lease extension process just as the lease was approaching the all-important eighty-year deadline. The legal work completed in June 2014. The landlord’s fees were kept to an absolute minimum.

Rumney case:

Last Spring we were approach by Mr Omar Bennett , who owned a basement flat in Rumney in August 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparative premises in Rumney with a long lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected monthly. The lease expired on 2 September 2103. Given that there were 77 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.

Rumney case:

Dr Jessica Walker purchased a first floor apartment in Rumney in March 1998. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Similar premises in Rumney with an extended lease were worth £260,200. The mid-range amount of ground rent was £65 collected monthly. The lease came to a finish on 26 October 2092. Considering the 66 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £16,200 and £18,600 plus expenses.