Why you should start your Lampeter lease extension

Main reasons to commence your Lampeter lease extension today:

Increase your lease and increase your Lampeter property value

The value of Lampeter leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Lampeter lease extensions?

Using our service will provide you enhanced control over the value of your Lampeter leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lampeter Lease Extension Example Cases:

Jack, Lampeter, Aberaeron,

Jack owned a conversion apartment in Lampeter being sold with a lease of fraction over 59 years unexpired. Jack informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jack to exercise his statutory right. Jack obtained expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

Lampeter case:

Last February we were e-mailed by Dr Arthur Ward , who completed a one bedroom flat in Lampeter in July 2010. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparative properties in Lampeter with a long lease were worth £200,000. The average ground rent payable was £50 billed annually. The lease elapsed in 2103. Given that there were 77 years unexpired we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.

Lampeter case:

In 2013 we were approached by Ms B Morel who, having moved into a first floor apartment in Lampeter in July 1997. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical premises in Lampeter with an extended lease were worth £260,200. The average ground rent payable was £65 invoiced per annum. The lease ended on 17 May 2092. Taking into account 66 years remaining we approximated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of expenses.