Top reasons for Llanddulas lease extension

Top reasons for lease extension now:

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

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Llanddulas can extend the lease for an additional ninety years under statute. Please give careful consideration before delaying your Llanddulas lease extension. Putting off that expense today simply increases the premium you will eventually have to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold premises in Llanddulas with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not grant a mortgage on a short lease

Mortgage companies do not like short residential leases. You are likely to encounter problems if you wish to sell your flat in Llanddulas if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

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

Using our service gives you increased control over the value of your Llanddulas leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Llanddulas Lease Extension Case Studies:

Freya, Llanddulas, Conwy,

Subsequent to lengthy discussions with the landlord of her basement apartment in Llanddulas, Freya commenced the lease extension process just as her lease was approaching the critical eighty-year mark. The lease extension was concluded in April 2010. The landlord’s costs were kept to an absolute minimum.

Llanddulas case:

Last Summer we were approach by Mrs Rhiannon Michel , who owned a one bedroom flat in Llanddulas in February 1995. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparative flats in Llanddulas with 100 year plus lease were worth £210,000. The average amount of ground rent was £50 collected per annum. The lease elapsed on 27 June 2106. Given that there were 80 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.

Llanddulas case:

In 2009 we were approached by Mr and Mrs. W Cox who, having purchased a ground floor apartment in Llanddulas in September 2007. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparative residencies in Llanddulas with an extended lease were valued around £275,000. The mid-range ground rent payable was £45 collected every twelve months. The lease termination date was in 2095. Considering the 69 years outstanding we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.