Main reasons to commence your Nefyn lease extension

Why you should commence your Nefyn lease extension today:

Increase your lease and increase your Nefyn property value

The market value of Nefyn leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is below than 80 years

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

Leasehold residencies in Nefyn with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders will not issue a mortgage on a short lease

Many banks and building societies will not lend on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Nefyn property becoming difficult to sell or to obtain finance on.

What makes us experts in Nefyn lease extensions?

Regardless of whether you are a tenant or a landlord in Nefyn,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Nefyn valuers.

Nefyn Lease Extension Example Cases:

Chelsea, Nefyn, Gwynedd,

In the wake of 6 months of protracted negotiations with the landlord of her two bedroom flat in Nefyn, Chelsea started the lease extension process as the eighty year deadline was rapidly approaching. The legal work was concluded in May 2007. The landlord’s charges were negotiated to below 550 GBP.

Nefyn case:

Mr and Mrs. U Morris moved into a ground floor flat in Nefyn in February 2008. The question was if we could approximate the premium could be for a ninety year lease extension. Similar properties in Nefyn with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 invoiced annually. The lease expired on 1 July 2101. Taking into account 75 years remaining we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.

Nefyn case:

Dr M Brooks bought a studio apartment in Nefyn in February 1995. The dilemma was if we could estimate the price would be to extend the lease by an additional years. Comparable premises in Nefyn with a long lease were worth £173,800. The average amount of ground rent was £60 billed monthly. The lease ended on 3 November 2081. Considering the 55 years as a residual term we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including legals.