Main reasons to start your Garndolbenmaen lease extension

Main reasons to start your Garndolbenmaen lease extension today:

A Garndolbenmaen leasehold property depreciates with the years remaining on the lease.

The market value of Garndolbenmaen leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

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

Lending institutions have specific criteria when loaning monies secured on leasehold homes. Some will simply not lend at all once the residual lease term falls below a specified unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Garndolbenmaen home.

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

Regardless of whether you are a tenant or a freeholder in Garndolbenmaen,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Garndolbenmaen valuers.

Garndolbenmaen Lease Extension Case Studies:

Dylan, Garndolbenmaen, Gwynedd

In recent months Dylan, came very near to the eighty-year threshold with the lease on his garden flat in Garndolbenmaen. In buying his property 18 years previously, the lease term was of little significance. Fortunately, he recognised he would imminently be paying an escalated premium for Extending the lease. Dylan arranged for a lease extension just ahead of time in September. Dylan and the landlord who owned the flat above eventually settled on the final figure of £6,000 . If he had missed the deadline, the price would have gone up by a minimum £900.

Garndolbenmaen case:

Last Summer we were approach by Ms Molly Moore , who took over the lease of a newly refurbished flat in Garndolbenmaen in September 2011. We are asked if we could estimate the price could be for a 90 year lease extension. Similar residencies in Garndolbenmaen with 100 year plus lease were valued around £176,200. The average ground rent payable was £65 invoiced yearly. The lease expired in 2082. Considering the 56 years left we calculated the premium to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of legals.

Garndolbenmaen case:

Last year we were contacted by Dr F Green , who was assigned a lease of a one bedroom apartment in Garndolbenmaen in September 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in Garndolbenmaen with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 collected per annum. The lease lapsed in 2093. Considering the 67 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of legals.