Why you should start your Ystradgynlais lease extension

Top reasons for lease extension now:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Ystradgynlais may extend the lease for an additional 90 years under statute. Do give careful consideration before delaying your Ystradgynlais lease extension. Postponing that expense now simply escalates the premium you will ultimately have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Lending institutions have set criteria when loaning funds charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops under a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below 75 years suitable security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Ystradgynlais home.

What makes us experts in Ystradgynlais lease extensions?

The conveyancing solicitors that we work with handle Ystradgynlais 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.

Ystradgynlais Lease Extension Example Cases:

Katherine, Ystradgynlais, Neath Port Talbot,

Off the back of unsuccessful discussions with the freeholder of her studio apartment in Ystradgynlais, Katherine commenced the lease extension process as the 80 year deadline was fast approaching. The lease extension was finalised in June 2015. The freeholder’s costs were restricted to about 600 pounds.

Ystradgynlais case:

Last July we were contacted by Mrs Paige Cook , who took over the lease of a one bedroom apartment in Ystradgynlais in May 2001. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical flats in Ystradgynlais with 100 year plus lease were worth £210,000. The average ground rent payable was £50 collected yearly. The lease elapsed on 23 February 2106. Having 80 years unexpired we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of legals.

Ystradgynlais case:

Last Summer we were approach by Mr John Rogers , who owned a one bedroom flat in Ystradgynlais in September 1995. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Identical flats in Ystradgynlais with 100 year plus lease were worth £280,000. The average ground rent payable was £45 collected monthly. The lease elapsed on 28 March 2095. Taking into account 69 years left we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.