Top reasons for Gwernaffield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Gwernaffield property value

Gwernaffield leases on residential properties are gradually decreasing 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. Legislation has been in place for sometime now allowing qualifying Gwernaffield residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Gwernaffield you really ought to see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Gwernaffield flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Gwernaffield with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not lend on a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the unexpired lease term required by lenders has increased. In the past banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Gwernaffield lease extensions?

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

Gwernaffield Lease Extension Example Cases:

Amelia, Gwernaffield, Flintshire,

Trailing protracted negotiations with the landlord of her two bedroom apartment in Gwernaffield, Amelia initiated the lease extension process just as the lease was nearing the critical eighty-year mark. The lease extension was finalised in July 2005. The landlord’s costs were kept to an absolute minimum.

Gwernaffield case:

In 2009 we were phoned by Mr and Mrs. J Bonnet who, having took over the lease of a garden flat in Gwernaffield in September 2007. The question was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative premises in Gwernaffield with a long lease were valued about £205,000. The mid-range amount of ground rent was £50 invoiced annually. The lease came to a finish on 4 November 2105. Taking into account 79 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.

Gwernaffield case:

Mrs G Petit bought a first floor flat in Gwernaffield in October 2012. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Gwernaffield with 100 year plus lease were valued about £275,000. The average amount of ground rent was £65 collected quarterly. The lease expired on 8 June 2094. Taking into account 68 years as a residual term we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including costs.