Top reasons for Benllech lease extension

Why you should start your Benllech lease extension today:

A Benllech leasehold property depreciates with the years remaining on the lease.

Benllech leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Benllech will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not be entitled. There are also strict timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to loan monies on a short lease

Mortgage companies do not like short residential leases. You are likely to encounter difficulties where you need to sell your flat in Benllech if the unexpired lease term is below the criteria set by most banks and building societies. Different mortgage companies have varying criteria but in the main theyrequire an unexpired term of at least seventy years.

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

The lawyers that we work with procure Benllech lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Benllech Lease Extension Case Studies:

Milo, Benllech, Isle Of Anglesey,

Milo owned a conversion apartment in Benllech on the market with a lease of just over 59 years remaining. Milo informally approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Milo to invoke his statutory right. Milo obtained expert advice and secured an acceptable deal without resorting to tribunal and sell the property.

Benllech case:

Last Christmas we were called by Ms Shannon David , who acquired a one bedroom flat in Benllech in March 2005. The question was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparable premises in Benllech with an extended lease were valued about £290,000. The average amount of ground rent was £45 billed every twelve months. The lease came to a finish in 2099. Taking into account 73 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.

Benllech case:

Mr N Adams purchased a one bedroom flat in Benllech in July 2009. We are asked if we could estimate the price could be for a 90 year lease extension. Identical homes in Benllech with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £60 collected every twelve months. The lease elapsed on 21 June 2088. Taking into account 62 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus legals.