Top reasons for Johnstown lease extension

Main reasons to start your Johnstown lease extension today:

Increase your lease and increase your Johnstown property value

Johnstown leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Johnstown residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Johnstown you should see if your lease has between seventy and ninety years left. There are good reasons why a Johnstown leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not finance a property with a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Considering many flats in Johnstown were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

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

Engaging our service will provide you better control over the value of your Johnstown leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Johnstown Lease Extension Case Studies:

Jade, Johnstown, Wrexham,

In the wake of eight months of unsuccessful correspondence with the freeholder of her purpose-built apartment in Johnstown, Jade started the lease extension process just as her lease was approaching the critical 80-year deadline. The transaction was finalised in July 2007. The freeholder’s fees were kept to an absolute minimum.

Johnstown case:

Mr Edward Young completed a basement flat in Johnstown in May 2003. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparative properties in Johnstown with a long lease were in the region of £290,000. The average ground rent payable was £45 collected monthly. The lease terminated in 2098. Having 72 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.

Johnstown case:

In 2012 we were called by Mrs Abigail Vincent who, having purchased a ground floor flat in Johnstown in November 1995. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical residencies in Johnstown with 100 year plus lease were valued around £233,200. The average ground rent payable was £60 billed yearly. The lease terminated on 7 July 2087. Considering the 61 years left we calculated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 plus fees.