Main reasons to commence your Ewloe lease extension

Main reasons to commence your Ewloe lease extension today:

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

Ewloe leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Ewloe will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

Ewloe property with a lease extension is almost the same value as a freehold

Leasehold residencies in Ewloe with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not lend with a short lease

Lenders do not like short residential leases. You are likely to experience problems if you need to sell your flat in Ewloe if the remaining term of your lease is below the criteria set by most lenders. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Ewloe lease extensions?

The conveyancing solicitors that we work with undertake Ewloe lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Ewloe Lease Extension Case Studies:

Michael, Ewloe, Flintshire,

Michael owned a 2 bedroom apartment in Ewloe on the market with a lease of a little over fifty eight years outstanding. Michael on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Michael to invoke his statutory right. Michael procured expert advice and secured an acceptable resolution without going to tribunal and readily saleable.

Ewloe case:

In 2013 we were phoned by Mr U Morel who, having acquired a one bedroom apartment in Ewloe in April 1998. The dilemma was if we could estimate the price would likely be to prolong the lease by ninety years. Comparative properties in Ewloe with a long lease were worth £243,000. The average amount of ground rent was £65 invoiced per annum. The lease ended on 22 April 2089. Having 63 years remaining we estimated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 not including legals.

Ewloe case:

Last Winter we were approach by Mrs D Brown , who owned a basement flat in Ewloe in February 2001. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparable premises in Ewloe with 100 year plus lease were worth £181,600. The average amount of ground rent was £55 collected quarterly. The lease elapsed in 2078. Given that there were 52 years left we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of professional charges.