Why you should commence your Flint lease extension

Why you should start your Flint lease extension today:

Increase your lease and increase your Flint property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Flint. Inevitably, the period of lease left reduces over time. This is often overlooked and only raises itself as an issue when the flat or house has to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Flint have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give careful attention before putting off your Flint lease extension. Holding off the cost now likely increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

Leasehold residencies in Flint with in excess of 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 situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

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

Banks and Building Societies have specific criteria when lending monies secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term slips under a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Flint property.

What makes us experts in Flint lease extensions?

Using our service gives you better control over the value of your Flint leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors 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:

Amber, Flint, Flintshire,

Subsequent to protracted discussions with the freeholder of her two bedroom flat in Flint, Amber started the lease extension process just as her lease was approaching the crucial 80-year mark. The lease extension was concluded in July 2008. The landlord’s fees were kept to an absolute minimum.

Flint case:

In 2014 we were contacted by Dr Dexter Mitchell who, having was assigned a lease of a studio flat in Flint in September 2007. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable premises in Flint with an extended lease were in the region of £250,000. The average amount of ground rent was £50 billed quarterly. The lease terminated in 2096. Given that there were 70 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Flint case:

In 2009 we were approached by Dr V Green who, having was assigned a lease of a one bedroom flat in Flint in September 2009. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Similar homes in Flint with 100 year plus lease were valued about £246,800. The mid-range ground rent payable was £60 collected quarterly. The lease elapsed on 25 April 2076. Having 50 years remaining we calculated the compensation to the freeholder for the lease extension to be between £44,700 and £51,600 plus legals.