Main reasons to start your Capel Curig lease extension

Main reasons to commence your Capel Curig lease extension today:

Increase your lease and increase your Capel Curig property value

For those whose Capel Curig flat is held on a long lease, our message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

Capel Curig property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 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 premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may be problematic as and when you need to sell or remortgage your flat as it will be effectively unmortgageable. Even though you might have no immediate desire to sell but when you do your buyer will have to hold off for a couple of years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Capel Curig?

Retaining our service gives you increased control over the value of your Capel Curig leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Capel Curig Lease Extension Case Studies:

Sophie, Capel Curig, Conwy,

After unsuccessful negotiations with the landlord of her purpose-built apartment in Capel Curig, Sophie commenced the lease extension process as the eighty year mark was quickly approaching. The legal work completed in April 2006. The freeholder’s costs were restricted to slightly above 700 GBP.

Capel Curig case:

Mr E Mason completed a first floor apartment in Capel Curig in May 2006. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Similar premises in Capel Curig with 100 year plus lease were valued about £200,800. The mid-range amount of ground rent was £65 billed per annum. The lease end date was on 21 August 2086. Considering the 60 years outstanding we estimated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of legals.

Capel Curig case:

Last Spring we were approach by Mr W Ricardo , who bought a first floor apartment in Capel Curig in November 2010. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Capel Curig with a long lease were valued around £255,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease ended in 2097. Considering the 71 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.