Top reasons for Dyserth lease extension

Top reasons for lease extension now:

A Dyserth lease depreciates with the years remaining on the lease.

Dyserth residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as deficient for lending purposes.

What makes us experts in Dyserth lease extensions?

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

Dyserth Lease Extension Case Summaries:

Samantha, Dyserth, Denbighshire,

After unsuccessful negotiations with the landlord of her basement flat in Dyserth, Samantha started the lease extension process as the eighty year threshold was quickly approaching. The transaction was finalised in September 2010. The landlord’s charges were restricted to under 700 GBP.

Dyserth case:

Last Christmas we were called by Mr and Mrs. M Watson , who completed a garden flat in Dyserth in October 1998. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparative properties in Dyserth with a long lease were worth £200,000. The mid-range ground rent payable was £50 billed annually. The lease terminated on 7 February 2103. Taking into account 77 years remaining we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.

Dyserth case:

Dr Amy Mitchell took over the lease of a basement apartment in Dyserth in August 1999. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable properties in Dyserth with an extended lease were in the region of £265,200. The mid-range ground rent payable was £65 invoiced yearly. The lease ran out in 2092. Given that there were 66 years remaining we estimated the premium to the landlord to extend the lease to be within £15,200 and £17,600 exclusive of expenses.