Why you should commence 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 diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Glan Conwy enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Glan Conwy you must check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Glan Conwy flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Glan Conwy with more than one hundred years left 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to lend on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This may cause difficulties once you come to sell or remortgage your property as it will be practically unmortgageable. Even though you may have no imminent desire to sell but when you do your purchaser must wait 2 years before being able to commence the legal procedures for an extension to the lease.

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

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

Glan Conwy Lease Extension Case Summaries:

Jackson, Glan Conwy, Conwy,

Jackson owned a 2 bedroom apartment in Glan Conwy on the market with a lease of a few days over 72 years remaining. Jackson on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jackson to exercise his statutory right. Jackson procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Glan Conwy case:

Dr Rory Bailey purchased a garden apartment in Glan Conwy in May 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Glan Conwy with an extended lease were valued about £191,000. The mid-range amount of ground rent was £65 collected every twelve months. The lease came to a finish in 2084. Considering the 58 years unexpired we approximated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of legals.

Glan Conwy case:

In 2010 we were e-mailed by Dr E Roux who, having purchased a newly refurbished apartment in Glan Conwy in January 2000. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparable homes in Glan Conwy with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced annually. The lease ended in 2095. Taking into account 69 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.