Main reasons to commence your Colwyn Bay lease extension

Top reasons for lease extension now:

Increase your lease and increase your Colwyn Bay property value

There is no doubt about it a leasehold property in Colwyn Bay is a wasting asset as a result of the diminishing lease term. If the lease has, more than 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease without delay. Many flat owners in Colwyn Bay will meet the qualifying criteria; however a lawyer will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may not loan monies with a short lease

Banks and Building Societies have set criteria when lending monies charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are wanting to remortgage your Colwyn Bay home.

Why use us for your lease extension in Colwyn Bay?

Lease extensions in Colwyn Bay can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 dealing with Colwyn Bay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Colwyn Bay Lease Extension Case Studies:

Bethany, Colwyn Bay, Conwy,

Subsequent to unsuccessful correspondence with the landlord of her one bedroom flat in Colwyn Bay, Bethany started the lease extension process as the eighty year threshold was swiftly approaching. The legal work was concluded in January 2008. The landlord’s fees were kept to an absolute minimum.

Colwyn Bay case:

Mr and Mrs. G Bernard was assigned a lease of a basement flat in Colwyn Bay in May 1995. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Identical flats in Colwyn Bay with an extended lease were worth £275,000. The mid-range ground rent payable was £65 invoiced annually. The lease expired on 18 February 2094. Given that there were 68 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.

Colwyn Bay case:

Mr R James was assigned a lease of a purpose-built flat in Colwyn Bay in July 2006. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Similar properties in Colwyn Bay with an extended lease were valued about £208,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ended on 20 February 2083. Having 57 years unexpired we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including legals.