Main reasons to commence your Abersoch lease extension

Main reasons to start your Abersoch lease extension today:

Increase your lease and increase your Abersoch property value

The only way is down when it comes to Abersoch lease terms. Abersoch flats that have a remaining term shorter than eighty years will de-escalate in value even faster, and the cost of extending your lease will rise.

Abersoch 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 one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to lend on a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once the residual lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are seeking to refinance your Abersoch property.

Why use us for your lease extension in Abersoch?

Lease extensions in Abersoch can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.

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 procuring Abersoch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Abersoch Lease Extension Example Cases:

Luke, Abersoch, Gwynedd,

Luke was the the leasehold proprietor of a 2 bedroom flat in Abersoch on the market with a lease of a few days over 59 years remaining. Luke informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luke to exercise his statutory right. Luke obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Abersoch case:

In 2013 we were approached by Mr K Green who, having took over the lease of a first floor apartment in Abersoch in February 2001. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Abersoch with 100 year plus lease were in the region of £189,000. The mid-range ground rent payable was £55 billed annually. The lease expired in 2079. Taking into account 53 years unexpired we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including professional charges.

Abersoch case:

Mr and Mrs. E Stewart was assigned a lease of a one bedroom flat in Abersoch in June 2006. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Identical homes in Abersoch with an extended lease were in the region of £290,000. The average ground rent payable was £45 collected monthly. The lease elapsed on 20 March 2099. Having 73 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.