Top reasons for Flint lease extension

Why you should commence your Flint lease extension today:

Increase your lease and increase your Flint property value

The value of Flint leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Flint with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not issue a mortgage with a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

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

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

Flint Lease Extension Example Cases:

Bethan, Flint, Flintshire,

Off the back of lengthy discussions with the freeholder of her garden apartment in Flint, Bethan started the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The lease extension was concluded in August 2009. The freeholder’s fees were restricted to under 650 GBP.

Flint case:

Mr and Mrs. I Watson moved into a one bedroom apartment in Flint in November 2003. The question was if we could estimate the premium would be to prolong the lease by 90 years. Comparable premises in Flint with a long lease were worth £265,000. The average ground rent payable was £50 collected per annum. The lease came to a finish in 2100. Having 74 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.

Flint case:

In 2014 we were called by Dr Isaac Reed who, having took over the lease of a garden flat in Flint in June 1996. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar homes in Flint with 100 year plus lease were valued about £166,400. The average ground rent payable was £60 invoiced every twelve months. The lease termination date was on 7 September 2080. Taking into account 54 years remaining we approximated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 plus professional charges.