Main reasons to commence your Towyn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Towyn property value

For those whose Towyn flat is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

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

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not grant a mortgage on a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold property. Some will simply not lend at all once the residual lease term goes under a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Towyn home.

What makes us experts in Towyn lease extensions?

Lease extensions in Towyn can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 Towyn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Towyn Lease Extension Case Summaries:

Kai, Towyn, Conwy,

Kai owned a 2 bedroom flat in Towyn on the market with a lease of a little over fifty eight years left. Kai on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Kai to invoke his statutory right. Kai procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Towyn case:

Dr O García was assigned a lease of a purpose-built flat in Towyn in October 2011. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical premises in Towyn with a long lease were in the region of £264,000. The average amount of ground rent was £60 invoiced per annum. The lease finished in 2079. Having 53 years unexpired we estimated the premium to the landlord to extend the lease to be between £37,100 and £42,800 not including professional charges.

Towyn case:

In 2011 we were e-mailed by Mr and Mrs. N Watson who, having was assigned a lease of a basement apartment in Towyn in February 1995. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical flats in Towyn with an extended lease were worth £225,400. The mid-range amount of ground rent was £45 billed yearly. The lease concluded on 13 March 2090. Given that there were 64 years outstanding we estimated the premium to the landlord for the lease extension to be within £15,200 and £17,600 plus legals.