Why you should start your Barmouth lease extension

Main reasons to commence your Barmouth lease extension today:

Increase your lease and increase your Barmouth property value

Barmouth leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Barmouth tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Barmouth you should check if your lease has between 70 and ninety years remaining. There are good reasons why a Barmouth leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to homes in Barmouth with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

What makes us experts in Barmouth lease extensions?

Engaging our service will provide you increased control over the value of your Barmouth leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Barmouth Lease Extension Case Summaries:

Aarav, Barmouth, Gwynedd

18 months ago Aarav, started to get near to the eighty-year mark with the lease on his basement apartment in Barmouth. Having bought his home 18 years ago, the length of the lease was of no relevance. As luck would have it, he realised he would imminently be paying an escalated premium for a lease extension. Aarav extended the lease at the eleventh hour in January. Aarav and the landlord who owned the flat above subsequently settled on an amount of £5,500 . If the lease had dipped below 80 years, the price would have escalated by at least £975.

Barmouth case:

Mrs Madeleine Garcia completed a basement apartment in Barmouth in July 1997. The question was if we could approximate the price would likely be for a ninety year lease extension. Identical flats in Barmouth with a long lease were valued about £264,000. The average ground rent payable was £60 invoiced per annum. The lease ended on 12 August 2079. Having 53 years left we calculated the premium to the landlord for the lease extension to be within £37,100 and £42,800 plus costs.

Barmouth case:

Last year we were called by Mr U Johnson , who was assigned a lease of a one bedroom flat in Barmouth in October 2009. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparable premises in Barmouth with an extended lease were valued around £225,400. The average amount of ground rent was £45 invoiced per annum. The lease ended on 25 October 2090. Having 64 years outstanding we calculated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 plus legals.