Dyserth Lease Extension - Free Consultation

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Why you should commence your Dyserth lease extension


Top reasons for lease extension now:

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

Dyserth leases on domestic properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the existing lease dips below eighty years - otherwise a higher amount will be payable. Leasehold owners in Dyserth will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and formalities to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders will not finance a property on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience problems if you wish to sell your flat in Dyserth if the remaining lease term is below the criteria set by the majority of lenders. Different mortgage companies have different requirements but generally theyrequire an unexpired term of at least seventy years.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

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

Dyserth Lease Extension Example Cases:

Ellen, Dyserth, Denbighshire,

After unsuccessful correspondence with the landlord of her one bedroom apartment in Dyserth, Ellen commenced the lease extension process as the 80 year threshold was rapidly approaching. The transaction completed in May 2010. The freeholder’s charges were kept to an absolute minimum.

Dyserth case:

Mrs F Cooper moved into a one bedroom flat in Dyserth in May 1996. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar properties in Dyserth with an extended lease were in the region of £191,400. The mid-range amount of ground rent was £55 invoiced monthly. The lease termination date was on 7 May 2078. Taking into account 54 years remaining we estimated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of legals.

Dyserth case:

Last Spring we were called by Mr Reuben André , who acquired a one bedroom apartment in Dyserth in February 2004. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Similar flats in Dyserth with an extended lease were in the region of £295,000. The average ground rent payable was £45 billed monthly. The lease finished in 2098. Given that there were 74 years as a residual term we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.