Main reasons to commence your Coedpoeth lease extension

Main reasons to commence your Coedpoeth lease extension today:

Increase your lease and increase your Coedpoeth property value

For those whose Coedpoeth property is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to grant a mortgage with a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone intending to acquire your property in the future might well do, so where they are unable to obtain a mortgage, then the financial worth of your property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Coedpoeth?

Regardless of whether you are a tenant or a freeholder in Coedpoeth,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Coedpoeth valuers.

Coedpoeth Lease Extension Example Cases:

Jasmine, Coedpoeth, Wrexham,

Following lengthy correspondence with the landlord of her basement flat in Coedpoeth, Jasmine commenced the lease extension process just as her lease was coming close to the critical 80-year mark. The lease extension was finalised in July 2008. The landlord’s charges were negotiated to below 600 pounds.

Coedpoeth case:

Dr Joseph Campbell was assigned a lease of a garden flat in Coedpoeth in June 1999. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Coedpoeth with 100 year plus lease were valued about £210,000. The average amount of ground rent was £50 collected monthly. The lease elapsed on 12 November 2106. Having 80 years remaining we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.

Coedpoeth case:

Dr Y Khan purchased a one bedroom apartment in Coedpoeth in January 2005. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparable residencies in Coedpoeth with an extended lease were in the region of £275,000. The mid-range ground rent payable was £45 collected per annum. The lease concluded in 2095. Given that there were 69 years unexpired we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.