Top reasons for Ystrad Mynach lease extension

Main reasons to start your Ystrad Mynach lease extension today:

Increase your lease and increase your Ystrad Mynach property value

The nearer a domestic lease in Ystrad Mynach gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years remaining then this decrease may be of little impact however there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Most flat owners in Ystrad Mynach will meet the qualifying criteria; nevertheless a lawyer should be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

Leasehold residencies in Ystrad Mynach with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may decide not to issue a mortgage with a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Ystrad Mynach were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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

Regardless of whether you are a tenant or a landlord in Ystrad Mynach,the lease extension lawyers 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 Ystrad Mynach valuers.

Ystrad Mynach Lease Extension Case Summaries:

Isobel, Ystrad Mynach, Caerphilly,

Subsequent to lengthy discussions with the freeholder of her first floor apartment in Ystrad Mynach, Isobel initiated the lease extension process as the eighty year deadline was swiftly advancing. The lease extension was finalised in February 2008. The landlord’s charges were kept to an absolute minimum.

Ystrad Mynach case:

Last Christmas we were e-mailed by Dr F Allen , who completed a studio apartment in Ystrad Mynach in June 2005. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparable homes in Ystrad Mynach with 100 year plus lease were valued about £200,000. The mid-range amount of ground rent was £50 billed quarterly. The lease expiry date was on 20 August 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 exclusive of legals.

Ystrad Mynach case:

In 2009 we were called by Mr A Clark who, having acquired a studio apartment in Ystrad Mynach in April 2003. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical residencies in Ystrad Mynach with 100 year plus lease were valued around £265,200. The mid-range ground rent payable was £65 billed every twelve months. The lease finished on 22 October 2092. Taking into account 66 years remaining we calculated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 exclusive of legals.