Top reasons for Cilcain lease extension

Main reasons to commence your Cilcain lease extension today:

A Cilcain lease depreciates with the years remaining on the lease.

The value of Cilcain leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Cilcain with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to grant a mortgage on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As many flats in Cilcain were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Cilcain lease extensions?

Lease extensions in Cilcain can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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

Cilcain Lease Extension Case Studies:

Evan, Cilcain, Flintshire,

Evan was the the leasehold proprietor of a high value flat in Cilcain on the market with a lease of a little over sixty years remaining. Evan on an informal basis approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Evan to exercise his statutory right. Evan procured expert advice and secured an acceptable resolution without resorting to tribunal and sell the property.

Cilcain case:

Mr and Mrs. I Robinson was assigned a lease of a one bedroom flat in Cilcain in January 2005. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparable flats in Cilcain with an extended lease were in the region of £260,000. The average ground rent payable was £50 invoiced annually. The lease expired on 5 June 2098. Given that there were 72 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Cilcain case:

Mr and Mrs. E Khan bought a studio apartment in Cilcain in May 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable homes in Cilcain with 100 year plus lease were in the region of £256,600. The average amount of ground rent was £60 billed annually. The lease expiry date was on 5 April 2078. Considering the 52 years left we approximated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of costs.