Main reasons to start your Rhosllanerchrugog lease extension

Main reasons to start your Rhosllanerchrugog lease extension today:

Increase your lease and increase your Rhosllanerchrugog property value

The value of Rhosllanerchrugog leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Rhosllanerchrugog with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties where you wish to sell your flat in Rhosllanerchrugog if the unexpired term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have different requirements but in the main they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Rhosllanerchrugog?

Irrespective of whether you are a tenant or a landlord in Rhosllanerchrugog,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Rhosllanerchrugog valuers.

Rhosllanerchrugog Lease Extension Case Summaries:

Molly, Rhosllanerchrugog, Wrexham,

In the wake of 9 months of lengthy correspondence with the landlord of her garden apartment in Rhosllanerchrugog, Molly commenced the lease extension process as the eighty year deadline was swiftly approaching. The transaction completed in August 2008. The freeholder’s costs were kept to an absolute minimum.

Rhosllanerchrugog case:

In 2011 we were called by Mrs Nicole Rose who, having took over the lease of a purpose-built flat in Rhosllanerchrugog in November 2011. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparable properties in Rhosllanerchrugog with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 collected yearly. The lease concluded in 2083. Having 57 years unexpired we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.

Rhosllanerchrugog case:

In 2010 we were approached by Dr Connor Adams who, having took over the lease of a newly refurbished flat in Rhosllanerchrugog in May 2004. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparable homes in Rhosllanerchrugog with 100 year plus lease were valued around £245,000. The mid-range amount of ground rent was £50 billed annually. The lease terminated in 2094. Given that there were 68 years as a residual term we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.