Main reasons to commence your St Athan lease extension

Main reasons to start your St Athan lease extension today:

A St Athan lease depreciates with the years remaining on the lease.

The only way is down when it comes to St Athan lease terms. St Athan flats that have a residual term shorter than eighty years will reduce in value even faster, and the cost of extending your lease will go up.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties when you wish to dispose of or remortgage your property as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your purchaser will need to wait two years before they can commence the legal procedures for a lease extension.

Get in touch with one of our St Athan lease extension solicitors or enfranchisement solicitors

Retaining our service gives you enhanced control over the value of your St Athan leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

St Athan Lease Extension Example Cases:

Kian, St Athan, Vale Of Glamorgan,

Kian was the the leasehold proprietor of a studio apartment in St Athan on the market with a lease of a little over fifty eight years remaining. Kian informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Kian to exercise his statutory right. Kian procured expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

St Athan case:

Mr and Mrs. S Bailey owned a first floor apartment in St Athan in November 1995. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical properties in St Athan with 100 year plus lease were in the region of £280,000. The average ground rent payable was £55 invoiced per annum. The lease concluded in 2104. Considering the 78 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus expenses.

St Athan case:

Mr and Mrs. S André acquired a recently refurbished apartment in St Athan in August 2004. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Comparative residencies in St Athan with an extended lease were valued about £186,000. The average amount of ground rent was £65 billed every twelve months. The lease concluded on 8 November 2084. Having 58 years left we approximated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 plus legals.