Why you should start your Llanfairfechan lease extension

Main reasons to start your Llanfairfechan lease extension today:

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

The market value of Llanfairfechan leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is below than 80 years

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

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to grant a mortgage with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past lenders would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Llanfairfechan?

Lease extensions in Llanfairfechan can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in this area.

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 a wealth of experience dealing with Llanfairfechan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Llanfairfechan Lease Extension Example Cases:

Victoria, Llanfairfechan, Conwy,

Off the back of protracted negotiations with the freeholder of her purpose-built flat in Llanfairfechan, Victoria started the lease extension process just as her lease was nearing the critical eighty-year deadline. The lease extension was finalised in June 2014. The freeholder’s charges were restricted to less than 600 GBP.

Llanfairfechan case:

In 2011 we were contacted by Dr W James who, having was assigned a lease of a first floor apartment in Llanfairfechan in August 2000. The question was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative residencies in Llanfairfechan with a long lease were worth £198,800. The average amount of ground rent was £55 invoiced monthly. The lease expiry date was on 2 January 2081. Having 55 years left we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus legals.

Llanfairfechan case:

Last Spring we were contacted by Mr and Mrs. Y Scott , who owned a one bedroom flat in Llanfairfechan in July 2008. The question was if we could estimate the price would be for a 90 year lease extension. Comparable properties in Llanfairfechan with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £50 collected annually. The lease expired in 2101. Having 75 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including fees.