Top reasons for Aberporth lease extension

Main reasons to start your Aberporth lease extension today:

Increase your lease and increase your Aberporth property value

The re-sale value of a leasehold property in Aberporth depends on how many years the lease has remaining. If it is close to or fewer than 80 years you should foresee problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is ideal to start the lease extension process when the lease still has 82 years remaining so that a lease extension can be concluded prior to the eighty year threshold. Leasehold Reform legislation entitles Aberporth qualifying lessees to an additional term of ninety years over and above the remaining term, at a nominal rent (no ground rent). The reason of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

The propensity since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically banks would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Aberporth?

Engaging our service gives you increased control over the value of your Aberporth leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Aberporth Lease Extension Example Cases:

Liam, Aberporth, Aberaeron

Last Autumn Liam, started to get near to the eighty-year mark with the lease on his garden apartment in Aberporth. Having bought his flat 19 years previously, the lease term was of no importance. by good luck, he noticed he needed to take action soon on a lease extension. Liam arranged for a lease extension just under the wire last September. Liam and the freeholder in the end settled on sum of £6,000 . If he had missed the deadline, the premium would have escalated by at least £875.

Aberporth case:

In 2014 we were approached by Mr and Mrs. K Cox who, having completed a newly refurbished apartment in Aberporth in April 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative residencies in Aberporth with a long lease were valued about £290,000. The mid-range ground rent payable was £45 billed per annum. The lease came to a finish in 2099. Considering the 73 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.

Aberporth case:

Last June we were called by Ms Rhiannon Smith , who owned a first floor flat in Aberporth in February 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparable flats in Aberporth with a long lease were valued about £235,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease came to a finish in 2088. Having 62 years unexpired we estimated the premium to the landlord to extend the lease to be within £21,900 and £25,200 not including legals.