Top reasons for Llandegla lease extension

Top reasons for lease extension now:

A Llandegla leasehold property depreciates with the years remaining on the lease.

Llandegla leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Llandegla tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Llandegla you should check if your lease has between 70 and ninety years remaining. There are good reasons why a Llandegla leaseholder with a lease having around 80 years unexpired should take action to ensure that a lease extension is effected without delay

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage on a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Many will simply refrain from lending at all once the residual lease term slips under a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Llandegla property.

Why use us for your lease extension in Llandegla?

Lease extensions in Llandegla can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Llandegla lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llandegla Lease Extension Case Studies:

Holly, Llandegla, Denbighshire,

In the wake of eight months of unsuccessful negotiations with the landlord of her studio flat in Llandegla, Holly commenced the lease extension process as the 80 year mark was rapidly advancing. The legal work was concluded in July 2014. The freeholder’s fees were kept to an absolute minimum.

Llandegla case:

Last Winter we were e-mailed by Mr and Mrs. D Morris , who purchased a ground floor flat in Llandegla in October 1996. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Identical homes in Llandegla with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £60 invoiced yearly. The lease ended in 2106. Considering the 80 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus fees.

Llandegla case:

In 2014 we were e-mailed by Ms Ella Carter who, having completed a studio apartment in Llandegla in April 1997. We are asked if we could approximate the price would likely be for a ninety year lease extension. Identical homes in Llandegla with an extended lease were in the region of £200,800. The mid-range ground rent payable was £65 billed per annum. The lease lapsed in 2086. Having 60 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus fees.