Main reasons to commence your 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 residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not issue a mortgage on a short lease

Lenders are tightening their criteria and many now require flats to have at least sixty if not seventy years left once the mortgage has expired. As many flats in Llandudno Junction were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Llandudno Junction?

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 lawyer we work with provide it.

Llandudno Junction Lease Extension Example Cases:

Luca, Llandudno Junction, Conwy

Last October Luca, started to get near to the 80-year threshold with the lease on his ground floor apartment in Llandudno Junction. Having bought his property two decades ago, the unexpired term was of little significance. Luckily, he noticed he would imminently be paying way over the odds for a lease extension. Luca arranged for a lease extension at the eleventh hour last January. Luca and the freeholder eventually agreed on sum of £6,000 . If the lease had slid lower than 80 years, the amount would have become more costly by a minimum £1,100.

Llandudno Junction case:

In 2010 we were e-mailed by Ms Amy Young who, having moved into a studio flat in Llandudno Junction in March 2004. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Identical flats in Llandudno Junction with 100 year plus lease were worth £256,600. The mid-range amount of ground rent was £60 collected per annum. The lease expiry date was on 25 November 2078. Considering the 52 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 exclusive of professional charges.

Llandudno Junction case:

Dr Max Ali purchased a ground floor apartment in Llandudno Junction in September 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Llandudno Junction with 100 year plus lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease ran out on 11 January 2089. Considering the 63 years remaining we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of costs.