Why you should start your Llanrwst lease extension

Top reasons for lease extension now:

Increase your lease and increase your Llanrwst property value

Llanrwst residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

Llanrwst property with a lease extension is almost the same value as a freehold

Leasehold premises in Llanrwst with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not loan monies with a short lease

Banks and building societies are really restricting their approach as regards to properties in Llanrwst with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential buyers.

Why use us for your lease extension in Llanrwst?

Lease extensions in Llanrwst can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 in-depth market knowledge dealing with Llanrwst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llanrwst Lease Extension Case Studies:

Cameron, Llanrwst, Conwy,

Cameron was the the leasehold owner of a studio apartment in Llanrwst on the market with a lease of a few days over fifty eight years outstanding. Cameron on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Cameron to invoke his statutory right. Cameron procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Llanrwst case:

In 2011 we were contacted by Mr Jake Flores who, having bought a studio apartment in Llanrwst in January 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Identical properties in Llanrwst with an extended lease were in the region of £254,200. The average amount of ground rent was £60 invoiced quarterly. The lease terminated in 2077. Taking into account 51 years outstanding we calculated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of fees.

Llanrwst case:

Mr Joseph Alexander was assigned a lease of a ground floor apartment in Llanrwst in February 2001. The question was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable homes in Llanrwst with an extended lease were in the region of £210,600. The average ground rent payable was £45 billed quarterly. The lease ended on 23 March 2088. Given that there were 62 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 exclusive of costs.