Stop! Your Lease Extension in Deganwy Could Be FREE

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Many leaseholders in Deganwy are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Deganwy has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Deganwy lease extension

Main reasons to start your Deganwy lease extension today:

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

The market value of Deganwy 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 remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be aware that it is likely that someone wishing to purchase your property in the future might well do, so if they are unable to get a mortgage, then the market price of your property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 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.
Coventry Building Society 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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Yorkshire Building Society 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.

Get in touch with one of our Deganwy lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Deganwy leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Deganwy Lease Extension Example Cases:

Ollie, Deganwy, Conwy,

Ollie owned a 2 bedroom apartment in Deganwy on the market with a lease of a little over 61 years unexpired. Ollie informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Ollie to invoke his statutory right. Ollie obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Deganwy case:

Mr and Mrs. V Roux owned a one bedroom apartment in Deganwy in March 2008. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Identical premises in Deganwy with 100 year plus lease were worth £243,000. The average amount of ground rent was £65 collected quarterly. The lease finished on 23 May 2089. Given that there were 63 years remaining we approximated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 not including fees.

Deganwy case:

In 2012 we were phoned by Mr and Mrs. G Bennett who, having took over the lease of a studio flat in Deganwy in July 2011. The question was if we could estimate the price could be for a 90 year lease extension. Similar premises in Deganwy with an extended lease were in the region of £181,600. The average amount of ground rent was £55 invoiced yearly. The lease elapsed on 5 April 2078. Considering the 52 years as a residual term we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.