Main reasons to start your Denbigh lease extension

Top reasons for lease extension now:

Increase your lease and increase your Denbigh property value

There is no doubt about it a leasehold flat or house in Denbigh is a wasting asset as a result of the shortening lease. Where the lease has, more than 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Denbigh will qualify for this right; however a conveyancer will be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties once you come to dispose of or remortgage your property as it will be effectively unmortgageable. You may not have an imminent desire to sell but when you do your purchaser will need to hold off for 2 years before being able to initiate the legal procedures for a lease extension.

What makes us experts in Denbigh lease extensions?

Lease extensions in Denbigh can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer 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 a wealth of experience dealing with Denbigh lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Denbigh Lease Extension Case Studies:

Bethan, Denbigh, Denbighshire,

Off the back of protracted correspondence with the landlord of her basement flat in Denbigh, Bethan started the lease extension process as the eighty year deadline was swiftly approaching. The lease extension was finalised in March 2011. The landlord’s costs were restricted to slightly above 650 pounds.

Denbigh case:

Mrs K Cook took over the lease of a one bedroom apartment in Denbigh in June 2001. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Similar homes in Denbigh with a long lease were valued about £205,000. The average ground rent payable was £50 invoiced yearly. The lease ran out in 2104. Having 78 years outstanding we estimated the premium to the landlord for the lease extension to be between £7,600 and £8,800 exclusive of legals.

Denbigh case:

Dr Shannon Dupont moved into a one bedroom apartment in Denbigh in May 2010. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar flats in Denbigh with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed annually. The lease ran out on 28 November 2093. Taking into account 67 years unexpired we approximated the premium to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of expenses.