Top reasons for Rowen lease extension

Main reasons to commence your Rowen lease extension today:

Increase your lease and increase your Rowen property value

The closer a domestic lease in Rowen nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 100 years to run then this decrease may be negligible however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner than later. The majority of flat owners in Rowen will meet the qualifying criteria; that being said a conveyancing solicitor will be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Rowen with more than 100 years outstanding on the lease are sometimes regarded as a ‘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 service charges merit it.

Lending institutions may decide not to issue a mortgage on a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be conscious that it is probable that someone intending to buy your property in the future might well do, so where they are not able to obtain a mortgage, then the value of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Rowen?

Using our service gives you enhanced control over the value of your Rowen leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Rowen Lease Extension Case Summaries:

Stanley, Rowen, Conwy

In 2014 Stanley, started to get near to the eighty-year mark with the lease on his purpose- built apartment in Rowen. Having purchased his home two decades ago, the lease term was of little significance. Luckily, he realised he would soon be paying an escalated premium for Extending the lease. Stanley arranged for a lease extension just under the wire last January. Stanley and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If the lease had dipped to less than 80 years, the amount would have escalated by at least £925.

Rowen case:

Mr D Patel was assigned a lease of a garden flat in Rowen in April 1999. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Identical flats in Rowen with a long lease were valued around £206,200. The mid-range ground rent payable was £60 collected quarterly. The lease termination date was in 2082. Having 56 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of legals.

Rowen case:

In 2013 we were contacted by Dr P Davis who, having was assigned a lease of a studio flat in Rowen in August 1996. We are asked if we could estimate the price could be to prolong the lease by ninety years. Comparative flats in Rowen with a long lease were in the region of £200,000. The mid-range ground rent payable was £50 billed yearly. The lease ran out in 2103. Given that there were 77 years as a residual term we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.