Main reasons to start your Penyffordd lease extension

Top reasons for lease extension now:

Increase your lease and increase your Penyffordd property value

As the the remaining lease term of a Penyffordd residential lease lessens so does its value and therefore the value of your property. Where the lease has, beyond 99 years to run then this decrease may be negligible however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Penyffordd will meet the qualifying criteria; that being said a lawyer will be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent 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 conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

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

The trend since 2008 has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Penyffordd lease extensions?

The conveyancers that we work with procure Penyffordd lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Penyffordd Lease Extension Example Cases:

Isabelle, Penyffordd, Flintshire,

Following unsuccessful negotiations with the landlord of her basement apartment in Penyffordd, Isabelle initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The transaction completed in June 2008. The landlord’s fees were restricted to about six hundred pounds.

Penyffordd case:

Dr Freddie Moreau completed a purpose-built apartment in Penyffordd in September 2007. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative residencies in Penyffordd with a long lease were worth £208,600. The average ground rent payable was £60 collected monthly. The lease elapsed on 19 January 2083. Given that there were 57 years left we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including costs.

Penyffordd case:

In 2009 we were called by Mrs Georgia Díaz who, having acquired a first floor apartment in Penyffordd in January 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar premises in Penyffordd with an extended lease were in the region of £200,000. The average ground rent payable was £50 collected yearly. The lease elapsed on 18 January 2103. Given that there were 77 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus costs.