Main reasons to commence your Penrhyn Bay lease extension

Why you should commence your Penrhyn Bay lease extension today:

Increase your lease and increase your Penrhyn Bay property value

The closer a domestic lease in Penrhyn Bay nears to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of one hundred years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner rather than later. Most flat owners in Penrhyn Bay will qualify for this right; that being said a conveyancer should be able to confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not lend with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to encounter problems if you wish to sell your flat in Penrhyn Bay if the unexpired term of your lease is under the criteria set by the majority of banks and building societies. Different lenders have varying criteria but in the main they are looking for an unexpired term of at least seventy years.

What makes us experts in Penrhyn Bay lease extensions?

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

Penrhyn Bay Lease Extension Case Studies:

Millie, Penrhyn Bay, Conwy,

Trailing lengthy discussions with the freeholder of her garden flat in Penrhyn Bay, Millie started the lease extension process as the eighty year deadline was rapidly approaching. The lease extension was finalised in April 2015. The freeholder’s charges were kept to an absolute minimum.

Penrhyn Bay case:

In 2013 we were approached by Mrs Laura Mitchell who, having moved into a studio flat in Penrhyn Bay in August 2005. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative premises in Penrhyn Bay with an extended lease were worth £295,000. The mid-range amount of ground rent was £50 billed annually. The lease lapsed in 2101. Having 75 years unexpired we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.

Penrhyn Bay case:

In 2014 we were contacted by Ms H Bonnet who, having owned a studio apartment in Penrhyn Bay in August 2000. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparable homes in Penrhyn Bay with 100 year plus lease were valued around £250,400. The mid-range ground rent payable was £65 billed every twelve months. The lease elapsed in 2090. Having 64 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 not including legals.