Top reasons for Ewloe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ewloe property value

Ewloe leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Ewloe will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some situations you may not qualify. There are prescribed timetables and formalities to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.

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

It is generally accepted that a property with in excess of one hundred years remaining 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 ahead.

Banks and Building Societies may decide not to finance a property with a short lease

Lending institutions have specific criteria when lending monies secured on leasehold property. Some will simply not lend at all once an unexpired lease term slips below a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are seeking to remortgage your Ewloe property.

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

Using our service gives you increased control over the value of your Ewloe leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ewloe Lease Extension Case Studies:

Callum, Ewloe, Flintshire

Twenty four months ago Callum, started to get near to the 80-year mark with the lease on his one bedroom apartment in Ewloe. In buying his property two decades ago, the length of the lease was of no bearing. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Callum was able to extend his lease just in the nick of time last April. Callum and the freeholder subsequently settled on sum of £5,500 . If he failed to meet the deadline, the sum would have increased by a minimum £1,000.

Ewloe case:

Mr and Mrs. U Harris bought a ground floor flat in Ewloe in November 2009. The question was if we could approximate the price could be for a ninety year extension to my lease. Comparable properties in Ewloe with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease expired in 2100. Taking into account 74 years outstanding we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.

Ewloe case:

Last Spring we were approach by Mrs P Mercier , who was assigned a lease of a first floor apartment in Ewloe in June 2010. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Similar homes in Ewloe with an extended lease were worth £243,000. The average ground rent payable was £65 billed annually. The lease finished on 22 February 2089. Given that there were 63 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of legals.