Why you should start your Llanfyllin lease extension

Main reasons to commence your Llanfyllin lease extension today:

Increase your lease and increase your Llanfyllin property value

Llanfyllin leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Llanfyllin residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Llanfyllin you should check if your lease has between 70 and 90 years remaining. There are good reasons why a Llanfyllin leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Llanfyllin with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to finance a property on a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As many flats in Llanfyllin were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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

Using our service will provide you enhanced control over the value of your Llanfyllin leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Llanfyllin Lease Extension Case Studies:

Luca, Llanfyllin, Powys

Two years ago Luca, came critically close to the 80-year threshold with the lease on his leasehold apartment in Llanfyllin. In buying his flat two decades ago, the unexpired term was of minimal significance. Thankfully, he noticed he needed to take steps soon on Extending the lease. Luca arranged for a lease extension just ahead of time last June. Luca and the freeholder in the end agreed on sum of £5,500 . If he not met the deadline, the sum would have escalated by a minimum £1,025.

Llanfyllin case:

Last Christmas we were approach by Dr R Moreau , who acquired a garden apartment in Llanfyllin in November 1996. We are asked if we could approximate the price could be to extend the lease by an additional years. Comparable flats in Llanfyllin with 100 year plus lease were in the region of £225,400. The average ground rent payable was £45 billed every twelve months. The lease ended on 21 April 2090. Having 64 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of expenses.

Llanfyllin case:

Mr and Mrs. B Thompson bought a first floor flat in Llanfyllin in August 2004. The question was if we could estimate the premium would likely be for a ninety year lease extension. Identical properties in Llanfyllin with a long lease were valued around £270,000. The mid-range amount of ground rent was £55 billed per annum. The lease came to a finish on 24 October 2101. Given that there were 75 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.