Main reasons to start your Aberdovey lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Aberdovey may extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Aberdovey lease extension. Putting off that expense today simply escalates the amount you will ultimately have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not grant a mortgage on a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term slips lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Aberdovey home.

Why use us for your lease extension in Aberdovey?

Irrespective of whether you are a tenant or a freeholder in Aberdovey,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Aberdovey valuers.

Aberdovey Lease Extension Example Cases:

Courtney, Aberdovey, Gwynedd,

Off the back of protracted discussions with the landlord of her basement apartment in Aberdovey, Courtney initiated the lease extension process just as her lease was coming close to the all-important eighty-year mark. The legal work completed in February 2010. The landlord’s costs were negotiated to a tad over five hundred GBP.

Aberdovey case:

In 2013 we were approached by Mr and Mrs. Y Rivera who, having owned a basement flat in Aberdovey in June 2001. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparable residencies in Aberdovey with a long lease were worth £200,800. The average amount of ground rent was £65 collected annually. The lease ended in 2086. Given that there were 60 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of legals.

Aberdovey case:

Mr and Mrs. K Norbert moved into a one bedroom apartment in Aberdovey in April 2003. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparable properties in Aberdovey with 100 year plus lease were worth £255,000. The average amount of ground rent was £50 collected per annum. The lease finished on 23 August 2097. Given that there were 71 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.