Top reasons for Flint lease extension

Why you should start your Flint lease extension today:

Increase your lease and increase your Flint property value

With a domestic leasehold property in Flint, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than 80 years remaining. Residents in Flint with a lease drawing near to 81 years unexpired should seriously think of extending it sooner than later. Once a lease has less than eighty years outstanding, under the current legislation the landlord can calculate and levy a larger premium, assessed on a technical multiplication, known as “marriage value” which is due.

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

Leasehold properties in Flint with over 100 years unexpired 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 upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not loan monies on a short lease

Banks and Building Societies have specific criteria when loaning monies secured on leasehold homes. Many will simply not lend at all once the residual lease term slips beneath a specified unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Flint property.

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

Irrespective of whether you are a tenant or a landlord in Flint,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Flint valuers.

Flint Lease Extension Case Studies:

Jodie, Flint, Flintshire,

Following unsuccessful correspondence with the landlord of her purpose-built apartment in Flint, Jodie initiated the lease extension process as the eighty year deadline was quickly advancing. The lease extension completed in September 2008. The landlord’s fees were kept to an absolute minimum.

Flint case:

Mr and Mrs. R Carter owned a garden apartment in Flint in July 2000. We are asked if we could estimate the premium could be for a 90 year lease extension. Identical flats in Flint with 100 year plus lease were worth £168,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease terminated on 12 May 2081. Having 55 years left we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including legals.

Flint case:

Mr Stanley Parker acquired a garden apartment in Flint in April 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Flint with 100 year plus lease were worth £235,200. The mid-range ground rent payable was £45 invoiced yearly. The lease ran out in 2092. Taking into account 66 years unexpired we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.