Top reasons for Criccieth lease extension

Main reasons to start your Criccieth lease extension today:

Increase your lease and increase your Criccieth property value

As the the remaining lease term of a Criccieth domestic lease lessens so does its value and therefore the value of your property. If the lease has, in excess of 100 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Many flat owners in Criccieth will meet the qualifying criteria; however a lawyer can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Criccieth with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not issue a mortgage with a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of your property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Get in touch with one of our Criccieth lease extension solicitors or enfranchisement solicitors

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

Criccieth Lease Extension Case Studies:

Isabelle, Criccieth, Gwynedd,

Subsequent to lengthy discussions with the landlord of her two bedroom apartment in Criccieth, Isabelle commenced the lease extension process just as her lease was nearing the all-important eighty-year threshold. The legal work was finalised in August 2006. The landlord’s costs were kept to an absolute minimum.

Criccieth case:

Last February we were phoned by Mrs R Rodríguez , who acquired a one bedroom flat in Criccieth in April 2008. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable properties in Criccieth with a long lease were worth £218,000. The mid-range ground rent payable was £45 billed every twelve months. The lease expired on 26 May 2089. Taking into account 63 years remaining we calculated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 exclusive of legals.

Criccieth case:

Last Christmas we were e-mailed by Mr Jake Baker , who took over the lease of a garden apartment in Criccieth in April 2007. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Similar residencies in Criccieth with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £55 invoiced monthly. The lease concluded on 21 June 2100. Having 74 years unexpired we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.