Main reasons to start your Lampeter lease extension

Main reasons to commence your Lampeter lease extension today:

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

Lampeter leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Lampeter enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Lampeter you would be well advised to check if your lease has between seventy and 90 years remaining. There are good reasons why a Lampeter flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Lampeter with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not finance a property with a short lease

Most high street banks are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As many flats in Lampeter were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Lampeter?

The conveyancers that we work with procure Lampeter 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.

Lampeter Lease Extension Case Studies:

Georgina, Lampeter, Aberaeron,

Subsequent to unsuccessful negotiations with the freeholder of her studio apartment in Lampeter, Georgina commenced the lease extension process as the eighty year threshold was quickly approaching. The legal work was concluded in October 2010. The freeholder’s charges were kept to an absolute minimum.

Lampeter case:

In 2013 we were contacted by Ms Sarah Miller who, having was assigned a lease of a one bedroom apartment in Lampeter in September 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable properties in Lampeter with a long lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease termination date was on 6 April 2100. Considering the 74 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Lampeter case:

Ms Shannon Roux purchased a recently refurbished flat in Lampeter in October 1998. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparative residencies in Lampeter with a long lease were worth £243,000. The average ground rent payable was £65 billed quarterly. The lease came to a finish on 5 May 2089. Taking into account 63 years left we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of costs.