Main reasons to start your Llanfairfechan lease extension

Top reasons for lease extension now:

Increase your lease and increase your Llanfairfechan property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Llanfairfechan. Clearly, the length of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Llanfairfechan have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. Do give careful attention before delaying your Llanfairfechan lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to loan monies on a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Llanfairfechan home.

Why use us for your lease extension in Llanfairfechan?

Irrespective of whether you are a tenant or a landlord in Llanfairfechan,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Llanfairfechan valuers.

Llanfairfechan Lease Extension Example Cases:

Mason, Llanfairfechan, Conwy,

Mason owned a studio flat in Llanfairfechan being sold with a lease of fraction over 59 years left. Mason informally approached his freeholder 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 at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Mason to exercise his statutory right. Mason procured expert advice and secured satisfactory deal informally and ending up with a market value flat.

Llanfairfechan case:

In 2012 we were called by Dr W François who, having bought a recently refurbished flat in Llanfairfechan in July 2004. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative homes in Llanfairfechan with a long lease were worth £295,000. The mid-range amount of ground rent was £45 billed annually. The lease expired on 3 September 2100. Taking into account 74 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.

Llanfairfechan case:

Mr B Evans acquired a purpose-built apartment in Llanfairfechan in March 2010. We are asked if we could estimate the price could be for a ninety year lease extension. Comparable premises in Llanfairfechan with an extended lease were worth £243,000. The mid-range amount of ground rent was £65 invoiced annually. The lease ended in 2089. Given that there were 63 years remaining we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of costs.