Main reasons to commence your Solva lease extension

Top reasons for lease extension now:

Increase your lease and increase your Solva property value

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

Solva property with a lease extension is almost the same value as a freehold

Leasehold properties in Solva with more than 100 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not lend with a short lease

Lenders will not lend on short residential leases. You most probably encounter problems if you wish to sell your flat in Solva if the unexpired term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have varying criteria but on the whole they are looking for an unexpired term of at least seventy years.

What makes us experts in Solva lease extensions?

Regardless of whether you are a tenant or a freeholder in Solva,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Solva valuers.

Solva Lease Extension Example Cases:

Jack, Solva, Pembrokeshire

Last October Jack, came perilously close to the 80-year threshold with the lease on his two bedroom flat in Solva. In buying his home 18 years ago, the unexpired term was of little importance. by good luck, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Jack arranged for a lease extension just in the nick of time in April. Jack and the landlord who owned the flat above ultimately agreed on an amount of £6,000 . If the lease had descended below 80 years, the amount would have become more costly by a minimum £1,050.

Solva case:

Mrs P Lefèvre completed a garden flat in Solva in April 1999. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparable residencies in Solva with an extended lease were valued around £200,000. The average amount of ground rent was £50 invoiced per annum. The lease elapsed on 17 May 2103. Given that there were 77 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.

Solva case:

Last Autumn we were called by Mr and Mrs. K André , who was assigned a lease of a one bedroom flat in Solva in July 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Comparative residencies in Solva with a long lease were valued around £260,200. The average amount of ground rent was £65 collected per annum. The lease ran out on 16 May 2092. Considering the 66 years remaining we calculated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 not including professional charges.