Why you should start your Bodelwyddan lease extension

Top reasons for lease extension now:

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

Bodelwyddan leases on residential properties are gradually losing 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. Legislation has been in place for sometime now allowing qualifying Bodelwyddan residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bodelwyddan you should check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

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

Lenders will not finance a property on a short lease

What makes us experts in Bodelwyddan lease extensions?

Retaining our service gives you increased control over the value of your Bodelwyddan leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bodelwyddan Lease Extension Case Summaries:

Tyler, Bodelwyddan, Denbighshire

During the course of the last few months Tyler, came dangerously close to the 80-year threshold with the lease on his first floor apartment in Bodelwyddan. In buying his flat 18 years previously, the length of the lease was of little significance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Tyler was able to extend his lease just under the wire last June. Tyler and the landlord who owned the flat above ultimately settled on the final figure of £5,500 . If the lease had slid lower than eighty years, the price would have increased by a minimum £975.

Bodelwyddan case:

In 2014 we were called by Mr Isaac Howard who, having acquired a first floor flat in Bodelwyddan in April 1995. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical flats in Bodelwyddan with an extended lease were valued around £275,000. The mid-range ground rent payable was £55 invoiced annually. The lease ended in 2102. Given that there were 76 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.

Bodelwyddan case:

In 2009 we were phoned by Mr and Mrs. R Evans who, having bought a one bedroom apartment in Bodelwyddan in January 2009. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable properties in Bodelwyddan with 100 year plus lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced per annum. The lease ended on 8 June 2082. Given that there were 56 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 plus fees.