Top reasons for Flint lease extension

Top reasons for lease extension now:

Increase your lease and increase your Flint property value

Flint leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Flint enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Flint you must investigate if your lease has between 70 and ninety years left. There are good reasons why a Flint leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay

Flint 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 remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wanting to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of your property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Flint lease extensions?

The lawyers that we work with procure Flint 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 conveyancer we work with provide it.

Flint Lease Extension Example Cases:

Archie, Flint, Flintshire,

Archie was the the leasehold proprietor of a high value flat in Flint on the market with a lease of fraction over sixty years outstanding. Archie informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Archie to invoke his statutory right. Archie obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Flint case:

Last September we were contacted by Dr Ali Howard , who owned a purpose-built apartment in Flint in October 1997. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Similar premises in Flint with a long lease were worth £254,200. The average ground rent payable was £60 collected per annum. The lease concluded in 2077. Given that there were 51 years left we calculated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 plus expenses.

Flint case:

In 2010 we were phoned by Dr Adam Sánchez who, having acquired a basement flat in Flint in August 2007. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Flint with 100 year plus lease were worth £210,600. The mid-range amount of ground rent was £45 collected quarterly. The lease expired on 10 June 2088. Given that there were 62 years remaining we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 not including legals.