Main reasons to commence your Pentyrch lease extension

Main reasons to start your Pentyrch lease extension today:

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

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

An extended lease is almost the same value as a freehold

Leasehold premises in Pentyrch with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

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

Most high street banks are tightening their criteria and a meaningful number now want flats to have a minimum of sixty if not seventy years left at the end of the mortgage. As a number of flats in Pentyrch were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Pentyrch lease extensions?

Irrespective of whether you are a tenant or a landlord in Pentyrch,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Pentyrch valuers.

Pentyrch Lease Extension Case Studies:

Jake, Pentyrch, Cardiff

Two years ago Jake, came perilously near to the eighty-year threshold with the lease on his basement apartment in Pentyrch. In buying his flat two decades ago, the unexpired term was of minimal concern. Luckily, he became aware that he would soon be paying way over the odds for a lease extension. Jake was able to extend his lease just under the wire in August. Jake and the freeholder via the managing agents in the end agreed on sum of £5,500 . If the lease had dropped below eighty years, the price would have gone up by a minimum £900.

Pentyrch case:

Dr Edward Gómez was assigned a lease of a one bedroom flat in Pentyrch in October 2001. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Similar residencies in Pentyrch with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected yearly. The lease came to a finish on 12 April 2079. Given that there were 53 years remaining we calculated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of legals.

Pentyrch case:

In 2009 we were approached by Dr Muhammad Laurent who, having moved into a garden flat in Pentyrch in November 2001. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Similar residencies in Pentyrch with a long lease were worth £225,400. The average amount of ground rent was £45 invoiced monthly. The lease terminated on 23 August 2090. Considering the 64 years left we approximated the premium to the freeholder for the lease extension to be within £16,200 and £18,600 exclusive of costs.