Why you should commence your Glan Conwy lease extension

Top reasons for lease extension now:

Increase your lease and increase your Glan Conwy property value

Glan Conwy leases on residential properties are gradually losing 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. It is the case that most Glan Conwy tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Glan Conwy you must see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold properties in Glan Conwy with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic as and when you need to sell or refinance your flat as it will be practically unmortgageable. Even though you might have no imminent desire to sell but when you do your purchaser must wait two years before they can initiate the legal procedures for a lease extension.

What makes us experts in Glan Conwy lease extensions?

Lease extensions in Glan Conwy can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Glan Conwy lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Glan Conwy Lease Extension Example Cases:

Erin, Glan Conwy, Conwy,

Off the back of protracted negotiations with the freeholder of her one bedroom flat in Glan Conwy, Erin commenced the lease extension process just as the lease was nearing the critical eighty-year threshold. The lease extension was finalised in January 2014. The landlord’s fees were restricted to under 700 pounds.

Glan Conwy case:

Mr T Hernández was assigned a lease of a first floor flat in Glan Conwy in November 1996. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative residencies in Glan Conwy with an extended lease were in the region of £210,600. The mid-range amount of ground rent was £45 billed per annum. The lease ran out on 14 May 2088. Considering the 62 years outstanding we approximated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of legals.

Glan Conwy case:

Mr Jack Bennett moved into a garden apartment in Glan Conwy in January 2005. We are asked if we could approximate the premium would be for a ninety year lease extension. Similar homes in Glan Conwy with 100 year plus lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease elapsed on 16 August 2099. Given that there were 73 years left we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.