Main reasons to commence your Gwersyllt lease extension

Why you should start your Gwersyllt lease extension today:

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

The value of Gwersyllt 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 materialy once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not finance a property with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable security.

Why use us for your lease extension in Gwersyllt?

The lawyers that we work with procure Gwersyllt lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Gwersyllt Lease Extension Example Cases:

Theo, Gwersyllt, Wrexham,

Theo owned a conversion apartment in Gwersyllt being marketed with a lease of fraction over 59 years unexpired. Theo on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Theo to exercise his statutory right. Theo obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.

Gwersyllt case:

Ms A Moore moved into a one bedroom flat in Gwersyllt in September 1996. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative premises in Gwersyllt with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease expired in 2103. Having 77 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of costs.

Gwersyllt case:

Dr T Wilson completed a studio flat in Gwersyllt in January 1997. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical premises in Gwersyllt with an extended lease were valued about £183,600. The average ground rent payable was £65 billed annually. The lease elapsed in 2083. Given that there were 57 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of costs.