Stop! Your Lease Extension in Bala Could Be FREE

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Many leaseholders in Bala are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Bala has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Bala lease extension

Main reasons to commence your Bala lease extension today:

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

The only way is down when it comes to Bala lease terms. Bala leaseholds that have a residual term lower than eighty years will drop in value at a rapid rate, and the cost to extend your lease will go up.

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

Leasehold properties in Bala with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to finance a property on a short lease

Most banks have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are regarded as deficient security.

Lender Requirement
Barnsley Building Society
Birmingham Midshires
Coventry Building Society
Skipton Building Society
Virgin

Why use us for your lease extension in Bala?

Engaging our service gives you better control over the value of your Bala leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bala Lease Extension Example Cases:

Noah, Bala, Gwynedd

Two years ago Noah, came critically close to the eighty-year threshold with the lease on his one bedroom apartment in Bala. In buying his home two decades ago, the lease term was of minimal importance. Thankfully, he realised he needed to take action soon on Extending the lease. Noah extended the lease just under the wire last June. Noah and the landlord who owned the flat above in the end agreed on the final figure of £6,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £975.

Bala case:

Last Autumn we were approach by Mr and Mrs. C Mercier , who moved into a studio flat in Bala in May 2010. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Identical properties in Bala with an extended lease were worth £270,000. The average ground rent payable was £55 collected per annum. The lease finished in 2101. Considering the 75 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.

Bala case:

Mr and Mrs. M Cooper owned a ground floor apartment in Bala in June 1998. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparative homes in Bala with 100 year plus lease were in the region of £168,800. The average amount of ground rent was £60 invoiced yearly. The lease lapsed on 14 June 2081. Considering the 55 years outstanding we estimated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus fees.