Top reasons for Ystrad Mynach lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ystrad Mynach property value

It’s a harsh truth that a Ystrad Mynach residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Ystrad Mynach property prices.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be due. Most flat owners in Ystrad Mynach will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

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

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage on a short lease

The trend since over the last decade has been for banks to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

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

Engaging our service gives you better control over the value of your Ystrad Mynach leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ystrad Mynach Lease Extension Example Cases:

Amy, Ystrad Mynach, Caerphilly,

After lengthy correspondence with the landlord of her garden flat in Ystrad Mynach, Amy commenced the lease extension process as the eighty year threshold was rapidly nearing. The legal work was finalised in October 2007. The freeholder’s fees were restricted to slightly above 600 pounds.

Ystrad Mynach case:

Mr N López completed a one bedroom apartment in Ystrad Mynach in June 2005. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Identical premises in Ystrad Mynach with 100 year plus lease were valued around £257,800. The mid-range ground rent payable was £65 billed quarterly. The lease ran out on 13 April 2091. Given that there were 65 years outstanding we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of professional charges.

Ystrad Mynach case:

In 2011 we were contacted by Dr Abigail Rose who, having acquired a purpose-built apartment in Ystrad Mynach in June 2005. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Similar residencies in Ystrad Mynach with an extended lease were valued around £191,400. The average amount of ground rent was £55 collected yearly. The lease terminated on 23 May 2080. Given that there were 54 years left we estimated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 plus professional charges.