Main reasons to commence your Dolwyddelan lease extension

Main reasons to start your Dolwyddelan lease extension today:

Increase your lease and increase your Dolwyddelan property value

Chances are that if you own a flat in Dolwyddelan you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Considering many flats in Dolwyddelan were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Dolwyddelan?

Lease extensions in Dolwyddelan can be a difficult process. We recommend you procure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 procuring Dolwyddelan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dolwyddelan Lease Extension Case Studies:

Jason, Dolwyddelan, Conwy,

Jason owned a conversion flat in Dolwyddelan being sold with a lease of fraction over 59 years unexpired. Jason on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Jason to invoke his statutory right. Jason obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Dolwyddelan case:

Last April we were e-mailed by Ms O Mitchell , who bought a basement apartment in Dolwyddelan in October 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Comparable premises in Dolwyddelan with a long lease were valued about £205,000. The average amount of ground rent was £50 billed per annum. The lease came to a finish on 4 August 2104. Given that there were 78 years left we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.

Dolwyddelan case:

Mr and Mrs. S Brown owned a studio flat in Dolwyddelan in May 2010. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in Dolwyddelan with a long lease were valued around £267,600. The mid-range ground rent payable was £65 billed quarterly. The lease came to a finish on 28 October 2093. Given that there were 67 years unexpired we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 plus expenses.