Main reasons to start your Connahs Quay lease extension

Main reasons to commence your Connahs Quay lease extension today:

A Connahs Quay leasehold property depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Connahs Quay depends on how many years the lease has left to run. If it is close to or fewer than eighty years you should anticipate problems on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be addressed in advance of the eighty year cut off point. Statute enables Connahs Quay qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has 50 years remaining the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to purchase your property in the future might well do, so where they can't get a mortgage, then the market price of the property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Connahs Quay lease extensions?

Lease extensions in Connahs Quay can be a difficult process. We recommend you obtain 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 in-depth market knowledge procuring Connahs Quay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Connahs Quay Lease Extension Case Studies:

Felix, Connahs Quay, Flintshire

Half a year ago Felix, came precariously near to the 80-year mark with the lease on his studio apartment in Connahs Quay. Having bought his property twenty years ago, the unexpired term was of no concern. Luckily, he recognised he would soon be paying an escalated premium for a lease extension. Felix was able to extend his lease just under the wire in June. Felix and the freeholder eventually settled on an amount of £5,500 . If he failed to meet the deadline, the figure would have escalated by at least £950.

Connahs Quay case:

Last Winter we were contacted by Mr L Pérez , who took over the lease of a one bedroom apartment in Connahs Quay in May 2010. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Comparative residencies in Connahs Quay with 100 year plus lease were worth £200,000. The average ground rent payable was £50 invoiced monthly. The lease lapsed on 17 May 2103. Taking into account 77 years unexpired we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.

Connahs Quay case:

Dr F Michel moved into a recently refurbished flat in Connahs Quay in November 2012. We are asked if we could approximate the price could be for a ninety year extension to my lease. Identical residencies in Connahs Quay with an extended lease were worth £260,200. The mid-range amount of ground rent was £65 collected yearly. The lease terminated on 23 October 2092. Given that there were 66 years outstanding we estimated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus costs.