Main reasons to commence your Saltney lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Saltney lease terms. Saltney flats that have a lease term fewer than 80 years will drop in value even faster, and the cost of extending your lease will increase.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems if you wish to sell your flat in Saltney if the unexpired lease term is less than the criteria set by the majority of mortgage companies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Saltney lease extensions?

Lease extensions in Saltney can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 in-depth market knowledge 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 Studies:

Gabriel, Saltney, Flintshire,

Gabriel owned a studio apartment in Saltney being sold with a lease of a little over sixty years left. Gabriel informally contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel obtained expert advice and secured satisfactory resolution informally and sell the property.

Saltney case:

Last Spring we were called by Mr and Mrs. B Jackson , who owned a one bedroom apartment in Saltney in October 2007. We are asked if we could approximate the premium could be to extend the lease by 90 years. Similar flats in Saltney with 100 year plus lease were valued around £285,000. The average ground rent payable was £45 invoiced annually. The lease finished in 2097. Considering the 71 years remaining we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.

Saltney case:

In 2010 we were e-mailed by Dr Matthew Thomas who, having owned a purpose-built flat in Saltney in February 2010. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical residencies in Saltney with an extended lease were in the region of £225,800. The average amount of ground rent was £60 invoiced yearly. The lease came to a finish on 2 May 2086. Having 60 years as a residual term we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including legals.