Tywyn Lease Extension - Free Consultation

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Before you progress with your lease extension in Tywyn
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Tywyn lease extension

Why you should start your Tywyn lease extension today:

A Tywyn lease depreciates with the years remaining on the lease.

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

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to homes in Tywyn with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Tywyn?

Regardless of whether you are a tenant or a landlord in Tywyn,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Tywyn valuers.

Tywyn Lease Extension Case Studies:

Jessica, Tywyn, Gwynedd,

After lengthy discussions with the landlord of her ground floor flat in Tywyn, Jessica commenced the lease extension process as the eighty year mark was quickly advancing. The lease extension was concluded in April 2010. The freeholder’s costs were negotiated to approximately 450 GBP.

Tywyn case:

In 2009 we were called by Dr Aiden Williams who, having completed a basement flat in Tywyn in April 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Identical flats in Tywyn with a long lease were worth £250,400. The average amount of ground rent was £65 invoiced per annum. The lease lapsed in 2089. Taking into account 64 years left we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 not including professional charges.

Tywyn case:

In 2014 we were phoned by Mr and Mrs. S Brooks who, having purchased a one bedroom flat in Tywyn in February 2007. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparative homes in Tywyn with 100 year plus lease were worth £184,000. The mid-range ground rent payable was £55 billed every twelve months. The lease end date was on 10 June 2078. Having 53 years left we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including costs.