Why you should commence your Dyffryn Ardudwy lease extension

Why you should start your Dyffryn Ardudwy lease extension today:

Increase your lease and increase your Dyffryn Ardudwy property value

It’s a harsh truth that a Dyffryn Ardudwy residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Dyffryn Ardudwy property market.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be payable. The majority of flat owners in Dyffryn Ardudwy will be able to extend under the legislation; however a lawyer will be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

Dyffryn Ardudwy property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies with a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to experience problems where you want to sell your flat in Dyffryn Ardudwy if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but on the whole they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Dyffryn Ardudwy?

Irrespective of whether you are a tenant or a landlord in Dyffryn Ardudwy,the lease extension solicitors 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 Dyffryn Ardudwy valuers.

Dyffryn Ardudwy Lease Extension Example Cases:

Rosie, Dyffryn Ardudwy, Gwynedd,

Subsequent to unsuccessful correspondence with the freeholder of her purpose-built apartment in Dyffryn Ardudwy, Rosie initiated the lease extension process just as the lease was approaching the critical 80-year deadline. The transaction was concluded in October 2010. The landlord’s charges were kept to an absolute minimum.

Dyffryn Ardudwy case:

In 2011 we were called by Mr and Mrs. J Sánchez who, having purchased a newly refurbished flat in Dyffryn Ardudwy in February 2012. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Dyffryn Ardudwy with an extended lease were valued around £295,000. The average amount of ground rent was £45 invoiced per annum. The lease finished in 2101. Having 75 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.

Dyffryn Ardudwy case:

In 2014 we were phoned by Ms Imogen Watson who, having completed a one bedroom flat in Dyffryn Ardudwy in June 1996. The question was if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparable homes in Dyffryn Ardudwy with 100 year plus lease were in the region of £250,400. The mid-range amount of ground rent was £65 collected quarterly. The lease lapsed in 2090. Having 64 years outstanding we approximated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 plus costs.