Top reasons for Shotton lease extension

Main reasons to start your Shotton lease extension today:

A Shotton leasehold property depreciates with the years remaining on the lease.

Shotton 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 gets more expensive. The majority of owners of residential leasehold property in Shotton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Shotton you really ought to investigate if your lease has between 70 and ninety years left. There are compelling reasons why a Shotton leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay

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

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not lend with a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Shotton property being difficult to dispose of or remortgage.

Why use us for your lease extension in Shotton?

Lease extensions in Shotton can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 in-depth market knowledge dealing with Shotton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Shotton Lease Extension Case Summaries:

Tyler, Shotton, Flintshire

Last October Tyler, came very near to the 80-year threshold with the lease on his ground floor flat in Shotton. Having purchased his home 18 years ago, the length of the lease was of little significance. by good luck, he recognised he needed to take action soon on a lease extension. Tyler was able to extend his lease just ahead of time in April. Tyler and the landlord who owned the flat above subsequently settled on an amount of £5,000 . If the lease had descended to less than 80 years, the sum would have escalated by at least £1,025.

Shotton case:

Last Winter we were phoned by Mr and Mrs. K Norbert , who moved into a ground floor flat in Shotton in September 2007. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Identical flats in Shotton with a long lease were worth £252,800. The average amount of ground rent was £65 collected quarterly. The lease lapsed in 2091. Taking into account 65 years unexpired we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 not including costs.

Shotton case:

Last Winter we were approach by Dr Jackson Phillips , who owned a first floor apartment in Shotton in January 1995. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Similar premises in Shotton with an extended lease were valued around £191,400. The average amount of ground rent was £55 invoiced yearly. The lease terminated in 2080. Having 54 years outstanding we calculated the premium to the landlord for the lease extension to be between £34,200 and £39,600 plus legals.