Top reasons for Holywell lease extension

Main reasons to commence your Holywell lease extension today:

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

The value of Holywell leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Holywell with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to loan monies on a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably experience difficulties if you wish to sell your flat in Holywell if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different lenders have varying requirements but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Holywell lease extensions?

The conveyancers that we work with undertake Holywell 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.

Holywell Lease Extension Case Summaries:

Freddie, Holywell, Flintshire

Two years ago Freddie, started to get near to the eighty-year mark with the lease on his first floor apartment in Holywell. Having bought his property twenty years previously, the lease term was of little importance. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Freddie extended the lease at the eleventh hour in May. Freddie and the freeholder via the management company subsequently settled on a premium of £5,500 . If the lease had descended lower than eighty years, the figure would have become more costly by a minimum £1,025.

Holywell case:

Last Winter we were phoned by Dr Courtney Jones , who purchased a garden flat in Holywell in November 1995. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Comparative residencies in Holywell with a long lease were valued about £250,400. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish on 17 October 2090. Given that there were 64 years left we estimated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including professional charges.

Holywell case:

Mrs Caitlin Cooper moved into a first floor flat in Holywell in April 1996. The question was if we could approximate the price would likely be to extend the lease by 90 years. Identical properties in Holywell with an extended lease were worth £189,000. The mid-range ground rent payable was £55 collected per annum. The lease ran out in 2079. Taking into account 53 years remaining we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of expenses.