Stop! Your Lease Extension in Dulas and Nebo Could Be FREE

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Many leaseholders in Dulas and Nebo are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Dulas and Nebo has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Dulas and Nebo lease extension

Main reasons to commence your Dulas and Nebo lease extension today:

A Dulas and Nebo lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Dulas and Nebo you actually own a long leasehold interest over your property

Dulas and Nebo property with a lease extension is almost the same value as a freehold

Leasehold properties in Dulas and Nebo with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties when you need to dispose of or remortgage your property as it will be practically unmortgageable. Even though you may not have an imminent desire to sell but when you do your purchaser will have to hold off for a couple of years before they can exercise the right to a a lease extension.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Dulas and Nebo?

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

Dulas and Nebo Lease Extension Case Studies:

Phoebe, Dulas and Nebo, Isle Of Anglesey,

Subsequent to protracted correspondence with the freeholder of her first floor flat in Dulas and Nebo, Phoebe initiated the lease extension process as the 80 year mark was quickly nearing. The transaction was concluded in August 2006. The landlord’s charges were restricted to approximately 700 GBP.

Dulas and Nebo case:

In 2012 we were approached by Mr and Mrs. V Fournier who, having completed a recently refurbished flat in Dulas and Nebo in March 2010. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical flats in Dulas and Nebo with a long lease were worth £173,800. The mid-range ground rent payable was £65 invoiced annually. The lease finished in 2081. Taking into account 55 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of fees.

Dulas and Nebo case:

In 2009 we were approached by Mr and Mrs. G Torres who, having purchased a purpose-built flat in Dulas and Nebo in September 1996. The question was if we could estimate the premium could be to extend the lease by an additional years. Similar properties in Dulas and Nebo with an extended lease were worth £235,200. The mid-range amount of ground rent was £45 invoiced yearly. The lease concluded on 11 April 2092. Considering the 66 years remaining we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.