Main reasons to start your Llwyngwril lease extension

Why you should start your Llwyngwril lease extension today:

A Llwyngwril lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Llwyngwril you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to lend with a short lease

Banks and Building Societies have specific criteria when lending monies charged on leasehold homes. Many will simply not lend at all once the remaining lease term drops lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below 75 years suitable security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Llwyngwril property.

What makes us experts in Llwyngwril lease extensions?

The conveyancers that we work with procure Llwyngwril 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 conveyancer we work with provide it.

Llwyngwril Lease Extension Example Cases:

Olivia, Llwyngwril, Gwynedd,

Trailing lengthy negotiations with the landlord of her basement apartment in Llwyngwril, Olivia initiated the lease extension process as the eighty year threshold was swiftly advancing. The transaction was finalised in July 2005. The freeholder’s charges were negotiated to below 450 pounds.

Llwyngwril case:

Last Christmas we were e-mailed by Dr Arthur James , who was assigned a lease of a first floor apartment in Llwyngwril in November 2010. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Similar flats in Llwyngwril with a long lease were in the region of £235,200. The mid-range amount of ground rent was £45 invoiced quarterly. The lease expired in 2092. Considering the 66 years outstanding we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.

Llwyngwril case:

Last month we were called by Mr O Cooper , who purchased a one bedroom flat in Llwyngwril in March 2011. The question was if we could estimate the premium would be to extend the lease by ninety years. Similar homes in Llwyngwril with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £55 collected annually. The lease termination date was on 1 August 2103. Taking into account 77 years unexpired we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of legals.