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Why you should start your Halkyn lease extension


Top reasons for lease extension now:

A Halkyn lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Halkyn is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner rather than later. Most flat owners in Halkyn will qualify for this right; nevertheless a conveyancing solicitor can confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same 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.

Lending institutions may not grant a mortgage with a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they are not able to get a mortgage, then the market price of the property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

What makes us experts in Halkyn lease extensions?

Lease extensions in Halkyn can be a difficult process. We recommend you secure 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 a wealth of experience procuring Halkyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Halkyn Lease Extension Case Summaries:

Abbie, Halkyn, Flintshire,

Trailing protracted discussions with the freeholder of her one bedroom apartment in Halkyn, Abbie started the lease extension process just as her lease was nearing the all-important 80-year mark. The transaction was finalised in April 2013. The freeholder’s fees were restricted to approximately 550 pounds.

Halkyn case:

Last Summer we were approach by Dr Eliot Mitchell , who bought a first floor flat in Halkyn in March 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Halkyn with an extended lease were worth £285,000. The average ground rent payable was £45 billed annually. The lease finished on 20 November 2095. Given that there were 71 years as a residual term we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.

Halkyn case:

In 2011 we were contacted by Dr Omar Edwards who, having purchased a ground floor flat in Halkyn in September 2012. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Similar flats in Halkyn with a long lease were worth £225,800. The average amount of ground rent was £60 invoiced every twelve months. The lease came to a finish on 25 July 2084. Having 60 years left we approximated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 exclusive of legals.