Main reasons to commence your Ewloe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ewloe property value

For anyone whose Ewloe home is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

Ewloe property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will be problematic when you need to market or remortgage your flat as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your buyer must hold off for a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Ewloe?

The lawyers that we work with procure 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 conveyancing solicitor we work with provide it.

Ewloe Lease Extension Case Summaries:

Rebecca, Ewloe, Flintshire,

Subsequent to lengthy discussions with the freeholder of her purpose-built flat in Ewloe, Rebecca initiated the lease extension process as the 80 year deadline was swiftly approaching. The legal work was concluded in April 2015. The freeholder’s fees were negotiated to under five hundred pounds.

Ewloe case:

Last Winter we were approach by Dr Y Bailey , who bought a one bedroom flat in Ewloe in July 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical residencies in Ewloe with an extended lease were in the region of £223,400. The mid-range amount of ground rent was £60 collected per annum. The lease ended in 2085. Taking into account 59 years outstanding we calculated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 plus expenses.

Ewloe case:

Dr Oliver Brooks bought a studio apartment in Ewloe in February 1996. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Similar flats in Ewloe with a long lease were in the region of £205,000. The average amount of ground rent was £50 collected every twelve months. The lease ran out in 2105. Given that there were 79 years as a residual term we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.