Top reasons for Tenby lease extension

Top reasons for lease extension now:

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

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

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies on a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone wishing to purchase your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Tenby lease extensions?

Regardless of whether you are a tenant or a freeholder in Tenby,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 Tenby valuers.

Tenby Lease Extension Example Cases:

Jude, Tenby, Pembrokeshire

Last year Jude, started to get close to the eighty-year threshold with the lease on his studio apartment in Tenby. In buying his property 18 years previously, the lease term was of little significance. Luckily, he became aware that he would imminently be paying an escalated premium for Extending the lease. Jude arranged for a lease extension at the eleventh hour in July. Jude and the freeholder via the management company ultimately settled on an amount of £5,500 . If he failed to meet the deadline, the figure would have escalated by at least £875.

Tenby case:

In 2014 we were phoned by Mr Max Brown who, having acquired a first floor flat in Tenby in October 2002. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Comparative homes in Tenby with 100 year plus lease were in the region of £261,600. The average amount of ground rent was £60 billed annually. The lease ended in 2078. Taking into account 52 years left we estimated the premium to the landlord to extend the lease to be within £39,000 and £45,000 plus expenses.

Tenby case:

Dr Henry Mercier purchased a basement apartment in Tenby in September 2002. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical flats in Tenby with a long lease were valued around £218,000. The mid-range ground rent payable was £45 billed monthly. The lease expired in 2089. Taking into account 63 years left we approximated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 plus legals.