Stop! Your Lease Extension in Pentraeth Could Be FREE

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Many leaseholders in Pentraeth are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Pentraeth has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Pentraeth lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pentraeth property value

Pentraeth residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 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 unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

Lending institutions have set criteria when lending funds charged on leasehold homes. Some will simply not lend at all once the remaining lease term falls below a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are wanting to remortgage your Pentraeth property.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Pentraeth lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Pentraeth leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Pentraeth Lease Extension Example Cases:

Danielle, Pentraeth, Isle Of Anglesey,

Subsequent to protracted discussions with the freeholder of her garden apartment in Pentraeth, Danielle started the lease extension process as the eighty year threshold was fast advancing. The lease extension completed in January 2012. The freeholder’s fees were restricted to less than 500 pounds.

Pentraeth case:

Ms Charlotte Davies bought a garden flat in Pentraeth in November 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Similar flats in Pentraeth with an extended lease were worth £265,000. The average ground rent payable was £50 collected annually. The lease ended on 21 June 2099. Having 73 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.

Pentraeth case:

Last month we were e-mailed by Ms J Young , who purchased a recently refurbished flat in Pentraeth in October 2012. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical premises in Pentraeth with 100 year plus lease were valued about £264,000. The average ground rent payable was £60 collected annually. The lease end date was in 2079. Given that there were 53 years outstanding we approximated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus costs.