Main reasons to start your Caerwys lease extension

Main reasons to start your Caerwys lease extension today:

Increase your lease and increase your Caerwys property value

Caerwys leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Caerwys enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Caerwys you should investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This may be problematic as and when you wish to market or refinance your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must hold off for a couple of years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Caerwys?

The conveyancers that we work with handle Caerwys lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Caerwys Lease Extension Example Cases:

Owen, Caerwys, Flintshire,

Owen owned a 2 bedroom apartment in Caerwys on the market with a lease of a little over 72 years left. Owen informally contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Owen to exercise his statutory right. Owen obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Caerwys case:

In 2012 we were e-mailed by Dr M Fournier who, having acquired a purpose-built apartment in Caerwys in March 2005. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Identical properties in Caerwys with 100 year plus lease were valued around £218,400. The mid-range ground rent payable was £60 collected annually. The lease finished in 2085. Taking into account 59 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of costs.

Caerwys case:

Last Summer we were phoned by Mr and Mrs. U Jackson , who acquired a purpose-built apartment in Caerwys in May 2001. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Similar flats in Caerwys with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 invoiced every twelve months. The lease expiry date was in 2105. Having 79 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.