Main reasons to start your Lixwm lease extension

Why you should start your Lixwm lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Lixwm. Inevitably, the length of lease left reduces over time. This may pass by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Lixwm have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please give careful attention before putting off your Lixwm lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be deficient for lending purposes.

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

Irrespective of whether you are a tenant or a landlord in Lixwm,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lixwm valuers.

Lixwm Lease Extension Case Studies:

Jackson, Lixwm, Flintshire

Two years ago Jackson, came precariously close to the 80-year threshold with the lease on his purpose- built apartment in Lixwm. Having bought his property two decades ago, the lease term was of minimal relevance. by good luck, he became aware that he would imminently be paying an inflated amount for a lease extension. Jackson was able to extend his lease just in the nick of time last June. Jackson and the landlord who owned the flat above subsequently settled on a premium of £5,500 . If the lease had fallen lower than eighty years, the amount would have gone up by a minimum £1,100.

Lixwm case:

Mr and Mrs. Y Cooper acquired a purpose-built flat in Lixwm in February 2010. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative homes in Lixwm with a long lease were in the region of £256,600. The mid-range ground rent payable was £60 collected per annum. The lease expiry date was in 2078. Given that there were 52 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 exclusive of fees.

Lixwm case:

Mr Henry Davies owned a garden apartment in Lixwm in September 2003. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in Lixwm with a long lease were worth £218,000. The mid-range amount of ground rent was £45 collected per annum. The lease concluded on 10 May 2089. Given that there were 63 years remaining we calculated the premium to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of legals.