Stop! Your Lease Extension in Glyn Ceiriog Could Be FREE

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Many leaseholders in Glyn Ceiriog are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Glyn Ceiriog has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Glyn Ceiriog lease extension

Main reasons to start your Glyn Ceiriog lease extension today:

A Glyn Ceiriog lease depreciates with the years remaining on the lease.

The only way is down when it comes to Glyn Ceiriog lease terms. Glyn Ceiriog properties that have a lease term less than than eighty years will reduce in value even faster, and the cost to extend your lease will rise.

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

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders may not grant a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone intending to buy your property in the future might well do, so if they are unable to obtain a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.

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

Regardless of whether you are a tenant or a landlord in Glyn Ceiriog,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 Glyn Ceiriog valuers.

Glyn Ceiriog Lease Extension Example Cases:

Harriet, Glyn Ceiriog, Wrexham,

After unsuccessful negotiations with the freeholder of her purpose-built apartment in Glyn Ceiriog, Harriet initiated the lease extension process just as the lease was approaching the critical 80-year mark. The transaction was finalised in September 2015. The landlord’s fees were kept to an absolute minimum.

Glyn Ceiriog case:

Dr M García owned a recently refurbished apartment in Glyn Ceiriog in June 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Comparative properties in Glyn Ceiriog with a long lease were in the region of £233,200. The mid-range ground rent payable was £60 billed per annum. The lease ended in 2087. Considering the 61 years as a residual term we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus professional charges.

Glyn Ceiriog case:

Mr and Mrs. F Turner bought a basement apartment in Glyn Ceiriog in January 2007. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparative premises in Glyn Ceiriog with a long lease were worth £171,800. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed on 11 July 2076. Taking into account 50 years left we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 not including fees.