Main reasons to commence your Abergele lease extension

Main reasons to commence your Abergele lease extension today:

A Abergele lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Abergele. Inevitably, the period of lease remaining reduces over time. This is often ignored and only becomes a problem when the property has to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Abergele have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful attention before putting off your Abergele lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in Abergele with over one hundred years unexpired 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders will not lend on a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Abergele property becoming difficult to sell or refinance.

What makes us experts in Abergele lease extensions?

Using our service will provide you enhanced control over the value of your Abergele leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Abergele Lease Extension Example Cases:

Elizabeth, Abergele, Conwy,

Following protracted negotiations with the landlord of her leasehold flat in Abergele, Elizabeth started the lease extension process as the 80 year threshold was quickly coming. The legal work was concluded in February 2014. The freeholder’s costs were restricted to under 500 pounds.

Abergele case:

Last Winter we were called by Mrs Isabel Flores , who purchased a ground floor flat in Abergele in January 2011. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable premises in Abergele with a long lease were in the region of £260,000. The average amount of ground rent was £50 billed quarterly. The lease lapsed on 21 September 2098. Taking into account 72 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.

Abergele case:

Mr and Mrs. L King acquired a purpose-built apartment in Abergele in June 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Abergele with 100 year plus lease were valued about £256,600. The average ground rent payable was £60 invoiced annually. The lease expired in 2078. Given that there were 52 years remaining we estimated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of professional charges.