Top reasons for Ruabon lease extension

Main reasons to commence your Ruabon lease extension today:

Increase your lease and increase your Ruabon property value

As the the remaining lease term of a Ruabon domestic lease decreases so does its value and therefore the value of your property. If the residual term has, more than one hundred years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer 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 main logic behind why you should extend the lease sooner than later. Many flat owners in Ruabon will qualify for this right; that being said a lawyer can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for decades to come.

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

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic as and when you wish to sell or refinance your property as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your purchaser will need to hold off for two years before they can initiate the legal procedures for a lease extension.

What makes us experts in Ruabon lease extensions?

Regardless of whether you are a tenant or a landlord in Ruabon,the lease extension lawyers 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 Ruabon valuers.

Ruabon Lease Extension Case Studies:

Erin, Ruabon, Wrexham,

After unsuccessful discussions with the landlord of her ground floor flat in Ruabon, Erin commenced the lease extension process as the 80 year threshold was rapidly advancing. The transaction was finalised in June 2006. The landlord’s charges were restricted to less than 650 pounds.

Ruabon case:

Last year we were e-mailed by Mrs Molly Jackson , who took over the lease of a studio apartment in Ruabon in November 2006. The dilemma was if we could approximate the premium would be to prolong the lease by an additional years. Comparative homes in Ruabon with a long lease were worth £223,400. The average ground rent payable was £60 billed monthly. The lease ran out in 2085. Taking into account 59 years left we estimated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 plus professional charges.

Ruabon case:

Last Autumn we were contacted by Mr W Torres , who owned a ground floor apartment in Ruabon in April 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative premises in Ruabon with an extended lease were valued around £205,000. The average ground rent payable was £50 billed monthly. The lease concluded on 17 July 2105. Having 79 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus costs.