Why you should commence your Rowen lease extension

Why you should commence your Rowen lease extension today:

Increase your lease and increase your Rowen property value

On the balance of probabilities if you own a flat in Rowen you actually own a long leasehold interest over your property

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

Leasehold residencies in Rowen with in excess of 100 years left 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to finance a property with a short lease

Lending institutions have set criteria when lending monies secured on leasehold property. Some will simply refuse lend at all once the residual lease term drops under a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below seventy years suitable security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Rowen home.

Why use us for your lease extension in Rowen?

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

Rowen Lease Extension Example Cases:

Joshua, Rowen, Conwy

Last year Joshua, started to get close to the eighty-year threshold with the lease on his garden flat in Rowen. In buying his property two decades ago, the lease term was of no significance. by good luck, he noticed he needed to take steps soon on a lease extension. Joshua arranged for a lease extension at the eleventh hour last May. Joshua and the landlord subsequently settled on an amount of £5,500 . If the lease had dipped below 80 years, the price would have gone up by at least £875.

Rowen case:

Last Winter we were called by Mr V Kelly , who owned a one bedroom flat in Rowen in August 1998. We are asked if we could approximate the price would likely be to prolong the lease by 90 years. Identical residencies in Rowen with a long lease were valued around £252,800. The average ground rent payable was £65 billed yearly. The lease termination date was in 2091. Taking into account 65 years as a residual term we estimated the premium to the landlord for the lease extension to be between £18,100 and £20,800 not including expenses.

Rowen case:

Mr and Mrs. L Davis purchased a basement flat in Rowen in September 2007. We are asked if we could estimate the price could be for a ninety year lease extension. Comparative properties in Rowen with a long lease were worth £191,400. The mid-range ground rent payable was £55 invoiced monthly. The lease expired in 2080. Taking into account 54 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 not including costs.