Main reasons to commence your Criccieth lease extension

Why you should start your Criccieth lease extension today:

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

Criccieth residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not issue a mortgage on a short lease

Lending institutions have set criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes below a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to refinance your Criccieth property.

Why use us for your lease extension in Criccieth?

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

Criccieth Lease Extension Case Studies:

Harrison, Criccieth, Gwynedd,

Harrison was the the leasehold proprietor of a conversion flat in Criccieth being sold with a lease of just over 61 years remaining. Harrison informally spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Harrison to exercise his statutory right. Harrison procured expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the flat.

Criccieth case:

In 2013 we were contacted by Mr and Mrs. S Allen who, having completed a purpose-built flat in Criccieth in May 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar premises in Criccieth with an extended lease were valued about £270,000. The mid-range ground rent payable was £55 billed per annum. The lease lapsed on 19 April 2101. Considering the 75 years outstanding we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.

Criccieth case:

Last Spring we were contacted by Ms Isabel Lefebvre , who acquired a garden apartment in Criccieth in August 2005. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Identical flats in Criccieth with a long lease were in the region of £173,800. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease terminated on 4 June 2081. Given that there were 55 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of fees.