Top reasons for Dyffryn Ardudwy lease extension

Why you should start your Dyffryn Ardudwy lease extension today:

A Dyffryn Ardudwy leasehold property depreciates with the years remaining on the lease.

Dyffryn Ardudwy leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Dyffryn Ardudwy residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Dyffryn Ardudwy you really ought to see if your lease has between seventy and ninety years left. There are good reasons why a Dyffryn Ardudwy leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Dyffryn Ardudwy with over one hundred years outstanding on the lease are often regarded as a ‘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 buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to finance a property on a short lease

Most mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone intending to buy your property in the future might well do, so if they are not able to obtain a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Dyffryn Ardudwy?

Engaging our service gives you better control over the value of your Dyffryn Ardudwy leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Dyffryn Ardudwy Lease Extension Case Studies:

Ashleigh, Dyffryn Ardudwy, Gwynedd,

In the wake of 6 months of lengthy discussions with the freeholder of her studio apartment in Dyffryn Ardudwy, Ashleigh commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension completed in March 2011. The freeholder’s charges were kept to an absolute minimum.

Dyffryn Ardudwy case:

In 2012 we were phoned by Ms Naomi Lefèvre who, having completed a basement apartment in Dyffryn Ardudwy in October 2010. The question was if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Comparable residencies in Dyffryn Ardudwy with an extended lease were valued about £243,000. The average ground rent payable was £65 billed yearly. The lease concluded on 28 July 2089. Considering the 63 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 not including fees.

Dyffryn Ardudwy case:

Last January we were approach by Mr James Lefebvre , who bought a basement flat in Dyffryn Ardudwy in September 1998. The question was if we could estimate the price would likely be to extend the lease by ninety years. Similar properties in Dyffryn Ardudwy with 100 year plus lease were worth £181,600. The average amount of ground rent was £55 collected annually. The lease lapsed on 18 September 2078. Having 52 years unexpired we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including costs.