Top reasons for Ewloe lease extension

Main reasons to start your Ewloe lease extension today:

Increase your lease and increase your Ewloe property value

The nearer a domestic lease in Ewloe gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, beyond 125 years to run then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Ewloe will qualify for this right; that being said a conveyancing solicitor can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom 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 30 years left, the residence will be worth the same as a freehold for many years ahead.

Lenders may not grant a mortgage with a short lease

The propensity since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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

Lease extensions in Ewloe can be a difficult process. We recommend you secure guidance from a conveyancing solicitor 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 in-depth market knowledge dealing with Ewloe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ewloe Lease Extension Example Cases:

Alfie, Ewloe, Flintshire,

Alfie was the the leasehold proprietor of a 2 bedroom apartment in Ewloe on the market with a lease of just over 72 years left. Alfie on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Alfie to invoke his statutory right. Alfie obtained expert advice and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Ewloe case:

In 2011 we were phoned by Mr Hunter Anderson who, having was assigned a lease of a one bedroom flat in Ewloe in November 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Identical properties in Ewloe with an extended lease were valued around £205,000. The mid-range amount of ground rent was £50 invoiced annually. The lease came to a finish on 14 June 2104. Considering the 78 years remaining we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus professional charges.

Ewloe case:

In 2013 we were contacted by Mr and Mrs. J Thomas who, having was assigned a lease of a garden flat in Ewloe in September 1998. The question was if we could estimate the premium could be to prolong the lease by 90 years. Comparative residencies in Ewloe with a long lease were worth £267,600. The mid-range amount of ground rent was £65 billed per annum. The lease concluded in 2093. Given that there were 67 years outstanding we approximated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 exclusive of expenses.