Top reasons for Felinheli lease extension

Main reasons to start your Felinheli lease extension today:

Increase your lease and increase your Felinheli property value

Felinheli leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Felinheli tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Felinheli you really ought to see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

Leasehold properties in Felinheli with over one hundred years remaining 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 situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lenders may decide not to grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic as and when you wish to sell or refinance your property as it will be effectively unmortgageable. Even though you may have no imminent intention to sell but when you do your purchaser will need to hold off for a couple of years before being able to exercise the right to a an extension to the lease.

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

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

Felinheli Lease Extension Example Cases:

Bethany, Felinheli, Gwynedd,

Off the back of unsuccessful negotiations with the landlord of her first floor apartment in Felinheli, Bethany initiated the lease extension process just as the lease was approaching the all-important 80-year mark. The legal work was finalised in April 2014. The freeholder’s charges were kept to an absolute minimum.

Felinheli case:

In 2013 we were phoned by Mr Jayden Laurent who, having moved into a garden flat in Felinheli in April 2007. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Identical flats in Felinheli with an extended lease were in the region of £193,400. The mid-range ground rent payable was £65 invoiced quarterly. The lease ended on 27 July 2085. Taking into account 59 years outstanding we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including professional charges.

Felinheli case:

In 2014 we were called by Mrs P Ward who, having bought a basement apartment in Felinheli in January 1998. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Identical residencies in Felinheli with 100 year plus lease were worth £255,000. The average ground rent payable was £50 invoiced monthly. The lease concluded in 2096. Given that there were 70 years remaining we approximated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 exclusive of costs.