Top reasons for Tongwynlais lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tongwynlais property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Tongwynlais. Clearly, the period of lease remaining shortens over time. This is often overlooked and only becomes a problem when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Eligible leaseholders in Tongwynlais have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give careful attention before putting off your Tongwynlais lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension

Tongwynlais property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage with a short lease

Nearly all mortgage lenders insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should be aware that it is likely that someone wanting to buy your property in the future might well do, so if they can't get a mortgage, then the value of your property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to lend on

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

The lawyers that we work with procure Tongwynlais lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Tongwynlais Lease Extension Example Cases:

Harriet, Tongwynlais, Cardiff,

In the wake of 6 months of protracted negotiations with the freeholder of her two bedroom flat in Tongwynlais, Harriet initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The transaction was finalised in August 2012. The freeholder’s fees were kept to an absolute minimum.

Tongwynlais case:

Mr and Mrs. I Scott was assigned a lease of a newly refurbished flat in Tongwynlais in July 2003. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable residencies in Tongwynlais with an extended lease were valued around £280,000. The average ground rent payable was £45 invoiced per annum. The lease lapsed in 2096. Taking into account 70 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.

Tongwynlais case:

Mr B Green took over the lease of a basement flat in Tongwynlais in February 2006. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable properties in Tongwynlais with a long lease were worth £223,400. The mid-range amount of ground rent was £60 invoiced per annum. The lease expired on 1 February 2085. Given that there were 59 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 plus costs.