Main reasons to commence your Pentre Halkyn lease extension

Why you should start your Pentre Halkyn lease extension today:

A Pentre Halkyn lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Pentre Halkyn you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not loan monies with a short lease

Mortgage companies are really clamping down as regards to properties in Pentre Halkyn with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing the number of potential buyers.

Why use us for your lease extension in Pentre Halkyn?

Irrespective of whether you are a tenant or a freeholder in Pentre Halkyn,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 Pentre Halkyn valuers.

Pentre Halkyn Lease Extension Case Studies:

Daniel, Pentre Halkyn, Flintshire

Last Spring Daniel, started to get near to the eighty-year threshold with the lease on his one bedroom flat in Pentre Halkyn. In buying his property two decades ago, the unexpired term was of little relevance. As luck would have it, he recognised he would imminently be paying an escalated premium for a lease extension. Daniel was able to extend his lease just ahead of time last May. Daniel and the freeholder in the end settled on sum of £6,000 . If he failed to meet the deadline, the premium would have gone up by at least £925.

Pentre Halkyn case:

In 2011 we were called by Mr and Mrs. S Laurent who, having completed a one bedroom apartment in Pentre Halkyn in January 1996. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Comparable flats in Pentre Halkyn with a long lease were in the region of £191,400. The average ground rent payable was £55 invoiced monthly. The lease finished on 17 October 2080. Given that there were 54 years unexpired we calculated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 plus fees.

Pentre Halkyn case:

Last Autumn we were approach by Mr and Mrs. F Green , who took over the lease of a first floor flat in Pentre Halkyn in May 2000. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Similar homes in Pentre Halkyn with a long lease were in the region of £295,000. The average ground rent payable was £45 collected monthly. The lease ended in 2100. Having 74 years remaining we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.