Main reasons to start your Llanbedrog lease extension

Why you should start your Llanbedrog lease extension today:

Increase your lease and increase your Llanbedrog property value

Llanbedrog leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Llanbedrog will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some situations you may not be entitled. There are also strict timetables and formalities to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions will not lend with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Llanbedrog if the unexpired lease term is below the criteria set by most mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Llanbedrog lease extensions?

Engaging our service gives you enhanced control over the value of your Llanbedrog leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Llanbedrog Lease Extension Example Cases:

Ethan, Llanbedrog, Gwynedd,

Ethan was the the leasehold owner of a high value apartment in Llanbedrog on the market with a lease of just over 72 years left. Ethan on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ethan to exercise his statutory right. Ethan obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Llanbedrog case:

In 2012 we were contacted by Mr I Gray who, having purchased a ground floor flat in Llanbedrog in May 2002. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical premises in Llanbedrog with an extended lease were valued about £191,400. The average amount of ground rent was £55 invoiced annually. The lease termination date was on 22 February 2080. Considering the 54 years unexpired we estimated the premium to the landlord to extend the lease to be within £34,200 and £39,600 plus fees.

Llanbedrog case:

In 2010 we were contacted by Mr Toby Simon who, having took over the lease of a first floor flat in Llanbedrog in June 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative properties in Llanbedrog with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease terminated in 2100. Taking into account 74 years left we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.