Why you should commence your Saltney lease extension

Main reasons to commence your Saltney lease extension today:

A Saltney leasehold property depreciates with the years remaining on the lease.

Saltney residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

Saltney property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not loan monies on a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering many flats in Saltney were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Saltney can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Saltney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Saltney Lease Extension Case Summaries:

Leon, Saltney, Flintshire

During the course of the last few months Leon, came seriously close to the 80-year mark with the lease on his two bedroom flat in Saltney. Having bought his flat two decades ago, the unexpired term was of no concern. Luckily, he recognised he would soon be paying way over the odds for a lease extension. Leon arranged for a lease extension at the eleventh hour last March. Leon and the landlord ultimately settled on the final figure of £5,000 . If he failed to meet the deadline, the amount would have become more exhorbitant by at least £850.

Saltney case:

Last Spring we were called by Mr Alfie Davis , who was assigned a lease of a garden flat in Saltney in March 2004. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Comparative flats in Saltney with 100 year plus lease were in the region of £181,600. The mid-range amount of ground rent was £55 billed per annum. The lease concluded on 5 March 2078. Having 52 years outstanding we approximated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus expenses.

Saltney case:

Ms Bethan Lee moved into a studio apartment in Saltney in August 2008. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Similar residencies in Saltney with a long lease were worth £285,000. The average amount of ground rent was £45 billed annually. The lease terminated on 13 August 2098. Having 72 years unexpired we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.