Stop! Your Lease Extension in Kinmel Bay Could Be FREE

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Many leaseholders in Kinmel Bay are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Kinmel Bay has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Kinmel Bay lease extension

Why you should start your Kinmel Bay lease extension today:

Increase your lease and increase your Kinmel Bay property value

Kinmel Bay 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. It is the case that most Kinmel Bay tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Kinmel Bay you really ought to investigate if your lease has between seventy and ninety years left. There are good reasons why a Kinmel Bay leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

Kinmel Bay property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not lend on a short lease

The propensity since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Kinmel Bay?

Engaging our service gives you enhanced control over the value of your Kinmel Bay leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Kinmel Bay Lease Extension Case Studies:

Isaac, Kinmel Bay, Conwy

Last year Isaac, started to get close to the eighty-year threshold with the lease on his garden apartment in Kinmel Bay. Having purchased his home two decades ago, the unexpired term was of minimal concern. Fortunately, he became aware that he would imminently be paying an escalated premium for Extending the lease. Isaac was able to extend his lease at the eleventh hour in August. Isaac and the landlord in the end agreed on the final figure of £6,000 . If he had missed the deadline, the amount would have become more costly by at least £1,050.

Kinmel Bay case:

Last August we were contacted by Mrs Amber Cook , who purchased a recently refurbished flat in Kinmel Bay in July 2012. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Identical homes in Kinmel Bay with a long lease were worth £280,000. The mid-range amount of ground rent was £55 collected quarterly. The lease elapsed in 2104. Taking into account 78 years remaining we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.

Kinmel Bay case:

In 2009 we were approached by Dr Aaron Leroy who, having purchased a one bedroom flat in Kinmel Bay in October 2012. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical residencies in Kinmel Bay with a long lease were valued around £191,000. The average ground rent payable was £65 collected annually. The lease elapsed on 24 January 2084. Given that there were 58 years remaining we approximated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 plus expenses.