Top reasons for Bangor lease extension

Main reasons to start your Bangor lease extension today:

Increase your lease and increase your Bangor property value

Bangor leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Bangor enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Bangor you would be well advised to check if your lease has between 70 and 90 years remaining. There are good reasons why a Bangor leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

An extended lease is almost 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 further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not loan monies with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This may cause difficulties when you wish to market or refinance your property as it will be practically unmortgageable. You might not have an imminent intention to sell but when you do your buyer must hold off for a couple of years before being able to exercise the right to a an extension to the lease.

Get in touch with one of our Bangor lease extension solicitors or enfranchisement solicitors

Lease extensions in Bangor can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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

Bangor Lease Extension Case Studies:

Maisie, Bangor, Gwynedd,

Trailing protracted discussions with the landlord of her leasehold apartment in Bangor, Maisie commenced the lease extension process as the 80 year threshold was swiftly coming. The transaction completed in April 2012. The freeholder’s charges were kept to an absolute minimum.

Bangor case:

Last Spring we were contacted by Mr and Mrs. F Martinez , who took over the lease of a purpose-built flat in Bangor in May 2011. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparable flats in Bangor with an extended lease were in the region of £176,200. The mid-range amount of ground rent was £65 billed annually. The lease lapsed in 2082. Having 56 years as a residual term we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 plus costs.

Bangor case:

In 2010 we were phoned by Dr D Wright who, having bought a purpose-built apartment in Bangor in February 2007. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Similar homes in Bangor with 100 year plus lease were valued around £242,600. The mid-range amount of ground rent was £45 collected quarterly. The lease finished in 2093. Taking into account 67 years remaining we approximated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 not including legals.