Main reasons to start your Holyhead lease extension

Main reasons to start your Holyhead lease extension today:

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

Holyhead leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Holyhead enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Holyhead you really ought to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Holyhead flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

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

Leasehold properties in Holyhead with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions will not grant a mortgage on a short lease

Most banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Holyhead property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Holyhead?

The conveyancers that we work with handle Holyhead 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.

Holyhead Lease Extension Case Summaries:

Michael, Holyhead, Isle Of Anglesey

Half a year ago Michael, came perilously close to the eighty-year mark with the lease on his leasehold flat in Holyhead. Having bought his flat twenty years previously, the unexpired term was of minimal concern. by good luck, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Michael was able to extend his lease at the eleventh hour in May. Michael and the landlord in the end settled on a premium of £6,000 . If the lease had slipped below eighty years, the premium would have increased by at least £1,025.

Holyhead case:

Last November we were e-mailed by Dr Yasmin Garcia , who purchased a studio apartment in Holyhead in May 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable premises in Holyhead with 100 year plus lease were in the region of £206,200. The mid-range ground rent payable was £55 collected monthly. The lease concluded in 2082. Considering the 56 years left we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus costs.

Holyhead case:

Mr and Mrs. O Mason purchased a newly refurbished apartment in Holyhead in June 1999. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Comparable residencies in Holyhead with an extended lease were valued about £300,000. The mid-range ground rent payable was £50 billed monthly. The lease ran out on 3 November 2102. Given that there were 76 years as a residual term we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.