Top reasons for Penmaenmawr lease extension

Why you should start your Penmaenmawr lease extension today:

Increase your lease and increase your Penmaenmawr property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Penmaenmawr can extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Penmaenmawr lease extension. Postponing the costs now simply escalates the premium you will ultimately have to pay for a lease extension.

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

Leasehold residencies in Penmaenmawr with more than one hundred years unexpired on the lease are sometimes regarded as a ‘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 upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

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

Almost all mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wishing to buy your property in the future might well do, so if they can't get a mortgage, then the financial worth of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Penmaenmawr lease extensions?

Retaining our service will provide you better control over the value of your Penmaenmawr leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Penmaenmawr Lease Extension Example Cases:

Daniel, Penmaenmawr, Conwy,

Daniel owned a high value flat in Penmaenmawr on the market with a lease of a few days over 72 years unexpired. Daniel on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Daniel to exercise his statutory right. Daniel procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Penmaenmawr case:

In 2013 we were e-mailed by Dr P Bonnet who, having owned a garden flat in Penmaenmawr in January 2009. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Comparative flats in Penmaenmawr with a long lease were in the region of £246,800. The mid-range ground rent payable was £60 billed per annum. The lease ended in 2076. Having 50 years outstanding we approximated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 not including costs.

Penmaenmawr case:

Mr and Mrs. Y González moved into a purpose-built flat in Penmaenmawr in January 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Identical flats in Penmaenmawr with a long lease were valued about £208,200. The average ground rent payable was £65 invoiced yearly. The lease came to a finish on 15 May 2087. Having 61 years remaining we approximated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 plus expenses.