Main reasons to start your Glan Conwy lease extension

Top reasons for lease extension now:

Increase your lease and increase your Glan Conwy property value

Glan Conwy leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Glan Conwy residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Glan Conwy you really ought to check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Glan Conwy leaseholder with a lease having around eighty 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

It is conventional wisdom that a property with in excess of 100 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 many years ahead.

Lenders may not lend on a short lease

Lenders are making their criteria more stringent and many now want flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Given that plenty of flats in Glan Conwy were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Glan Conwy?

Lease extensions in Glan Conwy can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 in-depth market knowledge dealing with Glan Conwy lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Glan Conwy Lease Extension Case Studies:

Freddie, Glan Conwy, Conwy

Half a year ago Freddie, came critically close to the 80-year threshold with the lease on his studio apartment in Glan Conwy. Having purchased his property 18 years previously, the unexpired term was of little relevance. Fortunately, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Freddie arranged for a lease extension just under the wire in January. Freddie and the landlord ultimately agreed on sum of £5,500 . If he failed to meet the deadline, the figure would have increased by a minimum £975.

Glan Conwy case:

In 2014 we were e-mailed by Ms Georgia Watson who, having owned a one bedroom flat in Glan Conwy in October 2008. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Similar premises in Glan Conwy with a long lease were worth £275,000. The average ground rent payable was £55 billed annually. The lease expired on 1 June 2103. Considering the 77 years left we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus costs.

Glan Conwy case:

Last month we were called by Mr I Evans , who took over the lease of a one bedroom apartment in Glan Conwy in November 2002. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparable flats in Glan Conwy with an extended lease were in the region of £183,600. The average amount of ground rent was £65 collected per annum. The lease expired in 2083. Having 57 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of costs.