Top reasons for Aberdaron lease extension

Main reasons to start your Aberdaron lease extension today:

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

For those whose Aberdaron property is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

Aberdaron property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not lend with a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be unacceptable for lending purposes.

Why use us for your lease extension in Aberdaron?

Using our service gives you increased control over the value of your Aberdaron leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Aberdaron Lease Extension Case Studies:

Phoebe, Aberdaron, Gwynedd,

Subsequent to lengthy correspondence with the freeholder of her purpose-built apartment in Aberdaron, Phoebe initiated the lease extension process as the eighty year threshold was rapidly coming. The legal work was finalised in August 2011. The landlord’s costs were restricted to under 700 GBP.

Aberdaron case:

In 2014 we were contacted by Dr Leon Laurent who, having was assigned a lease of a one bedroom apartment in Aberdaron in February 2006. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparable residencies in Aberdaron with an extended lease were worth £275,000. The average ground rent payable was £55 billed per annum. The lease came to a finish on 26 March 2103. Considering the 77 years remaining we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.

Aberdaron case:

Last month we were e-mailed by Dr Samuel Roberts , who bought a one bedroom apartment in Aberdaron in March 2008. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar premises in Aberdaron with an extended lease were valued around £183,600. The mid-range amount of ground rent was £65 collected monthly. The lease came to a finish in 2083. Considering the 57 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including professional charges.