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Why you should start your Deganwy lease extension


Why you should start your Deganwy lease extension today:

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

Deganwy leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Deganwy will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are prescribed timetables and procedures to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.

Deganwy property with a lease extension is almost the same value as a freehold

Leasehold properties in Deganwy with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not lend with a short lease

Banks and Building Societies are less likely to issue a loan offer on a residential flat in Deganwy with a short lease. Many lenders simply refuse to lend on leases with below 75 years remaining.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

Why use us for your lease extension in Deganwy?

Lease extensions in Deganwy can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.

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 Deganwy lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Deganwy Lease Extension Case Summaries:

Caleb, Deganwy, Conwy,

Caleb owned a 2 bedroom flat in Deganwy on the market with a lease of fraction over fifty eight years outstanding. Caleb informally spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Caleb to invoke his statutory right. Caleb procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Deganwy case:

Dr K Bertrand took over the lease of a garden apartment in Deganwy in July 1998. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparative homes in Deganwy with an extended lease were worth £233,200. The average amount of ground rent was £60 billed yearly. The lease lapsed on 1 January 2085. Having 61 years outstanding we calculated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 exclusive of legals.

Deganwy case:

In 2013 we were called by Mr I Mason who, having bought a first floor apartment in Deganwy in June 1995. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Comparative flats in Deganwy with 100 year plus lease were in the region of £166,800. The average amount of ground rent was £50 collected annually. The lease elapsed in 2074. Considering the 50 years remaining we calculated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus expenses.