Top reasons for Mynydd Isa lease extension

Main reasons to start your Mynydd Isa lease extension today:

Increase your lease and increase your Mynydd Isa property value

On the balance of probabilities where you own a flat in Mynydd Isa you actually own a long leasehold interest over your property

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

Leasehold properties in Mynydd Isa with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not loan monies on a short lease

Lenders are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that many flats in Mynydd Isa were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Mynydd Isa lease extensions?

Lease extensions in Mynydd Isa can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Mynydd Isa lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mynydd Isa Lease Extension Case Summaries:

Jennifer, Mynydd Isa, Flintshire,

In the wake of eight months of unsuccessful discussions with the landlord of her first floor flat in Mynydd Isa, Jennifer commenced the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work was finalised in January 2010. The freeholder’s charges were kept to an absolute minimum.

Mynydd Isa case:

Mrs F Wood owned a studio apartment in Mynydd Isa in August 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Comparable residencies in Mynydd Isa with 100 year plus lease were worth £245,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease termination date was on 16 February 2094. Given that there were 68 years outstanding we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.

Mynydd Isa case:

In 2013 we were phoned by Mr and Mrs. J Thomas who, having was assigned a lease of a one bedroom flat in Mynydd Isa in November 2002. The question was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Similar flats in Mynydd Isa with an extended lease were valued about £285,000. The average ground rent payable was £55 collected annually. The lease ran out in 2105. Considering the 79 years left we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.