Stop! Your Lease Extension in Blaenau Ffestiniog Could Be FREE

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Many leaseholders in Blaenau Ffestiniog 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 Blaenau Ffestiniog 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 start your Blaenau Ffestiniog lease extension

Main reasons to start your Blaenau Ffestiniog lease extension today:

A Blaenau Ffestiniog lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Blaenau Ffestiniog you actually own a long leasehold interest over your property

Blaenau Ffestiniog property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they are unable to get a mortgage, then the value of the property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Accord Mortgages 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.
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Blaenau Ffestiniog?

Lease extensions in Blaenau Ffestiniog can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.

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

Blaenau Ffestiniog Lease Extension Example Cases:

Teddy, Blaenau Ffestiniog, Gwynedd

Two years ago Teddy, started to get near to the eighty-year threshold with the lease on his studio apartment in Blaenau Ffestiniog. In buying his home two decades ago, the unexpired term was of no significance. Thankfully, he recognised he would soon be paying an escalated premium for a lease extension. Teddy extended the lease at the eleventh hour in April. Teddy and the landlord who owned the flat above in the end settled on the final figure of £6,000 . If he had missed the deadline, the sum would have increased by at least £975.

Blaenau Ffestiniog case:

Last Christmas we were called by Mr and Mrs. A Hall , who took over the lease of a ground floor apartment in Blaenau Ffestiniog in May 2001. We are asked if we could estimate the price would likely be for a 90 year lease extension. Identical flats in Blaenau Ffestiniog with an extended lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease concluded in 2096. Given that there were 70 years unexpired we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.

Blaenau Ffestiniog case:

Dr L Bell moved into a purpose-built flat in Blaenau Ffestiniog in June 2005. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable flats in Blaenau Ffestiniog with 100 year plus lease were valued about £246,800. The mid-range amount of ground rent was £60 collected yearly. The lease terminated on 27 May 2076. Taking into account 50 years left we estimated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 plus legals.