Why you should commence your Caergwrle lease extension

Top reasons for lease extension now:

Increase your lease and increase your Caergwrle property value

On the balance of probabilities if you own a flat in Caergwrle you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lenders may not finance a property on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties once you need to market or refinance your flat as it will be effectively unmortgageable. You might have no immediate plan to sell but when you do your buyer must hold off for 2 years before they can initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Caergwrle?

Lease extensions in Caergwrle can be a difficult process. We recommend you get guidance from a lawyer and valuer 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 a wealth of experience procuring Caergwrle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Caergwrle Lease Extension Case Studies:

Ethan, Caergwrle, Flintshire

Two years ago Ethan, came dangerously close to the 80-year mark with the lease on his ground floor flat in Caergwrle. Having purchased his home two decades ago, the lease term was of little interest. by good luck, it dawned on him that he would imminently be paying way over the odds for a lease extension. Ethan extended the lease just under the wire last January. Ethan and the freeholder subsequently agreed on sum of £5,000 . If the lease had dipped lower than 80 years, the premium would have escalated by at least £1,100.

Caergwrle case:

Last Christmas we were approach by Mr and Mrs. N Young , who completed a first floor flat in Caergwrle in October 2010. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparable premises in Caergwrle with an extended lease were valued about £174,200. The average amount of ground rent was £55 collected every twelve months. The lease lapsed in 2077. Considering the 51 years as a residual term we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including fees.

Caergwrle case:

Last Christmas we were called by Dr Ellen Reed , who bought a recently refurbished apartment in Caergwrle in October 1996. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative homes in Caergwrle with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced yearly. The lease elapsed on 8 June 2097. Having 71 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including professional charges.