Main reasons to commence your Pentraeth lease extension

Main reasons to commence your Pentraeth lease extension today:

Increase your lease and increase your Pentraeth property value

Pentraeth leases on residential properties are gradually losing value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term is less than 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Pentraeth will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain circumstances you may not qualify. There are also strict timetables and formalities to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.

Pentraeth property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.

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

Nearly all mortgage companies will be unwilling to lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Pentraeth property becoming difficult to sell or to obtain finance on.

What makes us experts in Pentraeth lease extensions?

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

Pentraeth Lease Extension Case Summaries:

Leon, Pentraeth, Isle Of Anglesey

During the course of the last few months Leon, started to get near to the 80-year threshold with the lease on his leasehold flat in Pentraeth. In buying his flat twenty years previously, the unexpired term was of little interest. by good luck, he became aware that he needed to take steps soon on a lease extension. Leon extended the lease at the eleventh hour last May. Leon and the landlord eventually settled on the final figure of £6,000 . If he not met the deadline, the amount would have increased by a minimum £1,150.

Pentraeth case:

Mr and Mrs. F Peterson acquired a ground floor flat in Pentraeth in September 2008. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Comparable properties in Pentraeth with 100 year plus lease were in the region of £176,200. The average ground rent payable was £65 billed monthly. The lease finished in 2082. Taking into account 56 years outstanding we calculated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 exclusive of costs.

Pentraeth case:

Last Autumn we were approach by Dr Kelsey Bonnet , who completed a garden apartment in Pentraeth in January 2002. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Comparable premises in Pentraeth with a long lease were valued around £242,600. The average amount of ground rent was £45 billed per annum. The lease ended in 2093. Considering the 67 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including legals.