Stop! Your Lease Extension in Betws Y Coed Could Be FREE

Get a Free Case Review
Many leaseholders in Betws Y Coed 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 Betws Y Coed 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.

Why you should start your Betws Y Coed lease extension

Why you should commence your Betws Y Coed lease extension today:

A Betws Y Coed leasehold property depreciates with the years remaining on the lease.

The market value of Betws Y Coed leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is less than 80 years

Betws Y Coed property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage with a short lease

Mortgage Lenders vary in their lending criteria. Some set the bar at seventy five years left on the lease; others may be content with anything over seventy years. Below sixty years, it may be difficult to obtain a mortgage in the first place.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Betws Y Coed lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Betws Y Coed,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Betws Y Coed valuers.

Betws Y Coed Lease Extension Case Summaries:

Dylan, Betws Y Coed, Conwy

Last year Dylan, came very near to the 80-year mark with the lease on his basement apartment in Betws Y Coed. Having bought his property two decades ago, the unexpired term was of no concern. Fortunately, he noticed he needed to take action soon on Extending the lease. Dylan extended the lease at the eleventh hour in July. Dylan and the freeholder via the management company subsequently settled on a premium of £5,000 . If he failed to meet the deadline, the amount would have increased by at least £975.

Betws Y Coed case:

In 2012 we were phoned by Mrs Tia Khan who, having bought a one bedroom apartment in Betws Y Coed in April 2001. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative premises in Betws Y Coed with an extended lease were worth £250,000. The mid-range ground rent payable was £50 invoiced per annum. The lease elapsed on 16 June 2095. Given that there were 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.

Betws Y Coed case:

Last Summer we were called by Dr Jason Lefebvre , who bought a one bedroom apartment in Betws Y Coed in February 2002. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical properties in Betws Y Coed with an extended lease were worth £290,000. The mid-range amount of ground rent was £60 invoiced per annum. The lease expired in 2106. Having 80 years unexpired we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.