Why you should start your St Asaph lease extension

Main reasons to start your St Asaph lease extension today:

Increase your lease and increase your St Asaph property value

The re-sale value of a leasehold property in St Asaph depends on how long the lease has remaining. If it is close to or less than 80 years you should anticipate problems on re-sale, so it is recommended to arrange for a lease extension before buying. It is ideal to start the process of extending the lease is when the lease still has 82 years remaining so that formalities can be concluded ahead of the 80 year threshold. Statute enables St Asaph qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus a further term of 90 years. The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not finance a property with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering a number of flats in St Asaph were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

What makes us experts in St Asaph lease extensions?

Retaining our service will provide you enhanced control over the value of your St Asaph leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

St Asaph Lease Extension Example Cases:

Lauren, St Asaph, Denbighshire,

In the wake of 9 months of unsuccessful correspondence with the landlord of her basement apartment in St Asaph, Lauren commenced the lease extension process just as the lease was nearing the all-important eighty-year mark. The lease extension was concluded in September 2015. The landlord’s costs were kept to an absolute minimum.

St Asaph case:

Last Spring we were called by Mr and Mrs. S Dupont , who purchased a first floor apartment in St Asaph in March 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in St Asaph with an extended lease were worth £295,000. The mid-range amount of ground rent was £50 invoiced annually. The lease elapsed in 2101. Having 75 years outstanding we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.

St Asaph case:

In 2012 we were approached by Mr and Mrs. Y Parker who, having purchased a purpose-built flat in St Asaph in February 2012. The question was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Similar properties in St Asaph with a long lease were valued around £250,400. The mid-range amount of ground rent was £65 invoiced per annum. The lease expired in 2090. Considering the 64 years left we calculated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including professional charges.