Why you should start your Ystradgynlais lease extension

Main reasons to start your Ystradgynlais lease extension today:

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

Chances are that if you own a flat in Ystradgynlais you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to loan monies on a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Ystradgynlais?

Regardless of whether you are a tenant or a freeholder in Ystradgynlais,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ystradgynlais valuers.

Ystradgynlais Lease Extension Example Cases:

Gabriel, Ystradgynlais, Neath Port Talbot

In recent months Gabriel, came seriously close to the eighty-year threshold with the lease on his basement flat in Ystradgynlais. Having purchased his home twenty years ago, the length of the lease was of little significance. Thankfully, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Gabriel arranged for a lease extension just in the nick of time last March. Gabriel and the freeholder via the managing agents eventually settled on the final figure of £6,000 . If the lease had dipped below 80 years, the amount would have become more costly by at least £850.

Ystradgynlais case:

Last Autumn we were contacted by Dr Anna Williams , who owned a studio flat in Ystradgynlais in November 2001. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Ystradgynlais with 100 year plus lease were in the region of £300,000. The mid-range ground rent payable was £50 billed yearly. The lease concluded on 13 August 2101. Given that there were 75 years outstanding we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.

Ystradgynlais case:

In 2009 we were called by Mr and Mrs. V Simon who, having acquired a one bedroom apartment in Ystradgynlais in July 2001. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable properties in Ystradgynlais with a long lease were worth £250,400. The average amount of ground rent was £65 invoiced every twelve months. The lease concluded in 2090. Considering the 64 years remaining we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of costs.