Top reasons for Llandudno Junction lease extension

Why you should commence your Llandudno Junction lease extension today:

A Llandudno Junction lease depreciates with the years remaining on the lease.

Llandudno Junction leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Llandudno Junction tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Llandudno Junction you should see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Llandudno Junction leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

Llandudno Junction property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lenders may not finance a property with a short lease

Many banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Llandudno Junction property being difficult to dispose of or refinance.

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

The lawyers that we work with undertake Llandudno Junction lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Llandudno Junction Lease Extension Example Cases:

Isobel, Llandudno Junction, Conwy,

Following protracted negotiations with the freeholder of her purpose-built flat in Llandudno Junction, Isobel started the lease extension process just as the lease was nearing the all-important 80-year mark. The lease extension was concluded in June 2009. The landlord’s costs were restricted to below 450 GBP.

Llandudno Junction case:

In 2013 we were e-mailed by Dr Rosie Brown who, having owned a studio apartment in Llandudno Junction in June 1998. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable premises in Llandudno Junction with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 collected every twelve months. The lease elapsed in 2102. Having 76 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.

Llandudno Junction case:

In 2013 we were e-mailed by Mr and Mrs. F Dupont who, having moved into a first floor flat in Llandudno Junction in May 1999. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparative residencies in Llandudno Junction with 100 year plus lease were worth £176,200. The average amount of ground rent was £65 billed quarterly. The lease elapsed in 2082. Given that there were 56 years remaining we approximated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 not including professional charges.