Main reasons to commence your Colwyn Bay lease extension

Main reasons to commence your Colwyn Bay lease extension today:

Increase your lease and increase your Colwyn Bay property value

The only way is down when it comes to Colwyn Bay lease terms. Colwyn Bay flats that have a residual term lower than eighty years will de-escalate in value even faster, and the cost to extend your lease will increase.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lenders may not finance a property on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as deficient for lending purposes.

Get in touch with one of our Colwyn Bay lease extension solicitors or enfranchisement solicitors

Using our service will provide you increased control over the value of your Colwyn Bay leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Colwyn Bay Lease Extension Example Cases:

Kyle, Colwyn Bay, Conwy,

Kyle owned a conversion apartment in Colwyn Bay on the market with a lease of fraction over sixty years left. Kyle on an informal basis spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Kyle to invoke his statutory right. Kyle procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Colwyn Bay case:

In 2014 we were phoned by Mr and Mrs. N Sharif who, having purchased a one bedroom flat in Colwyn Bay in October 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Comparative premises in Colwyn Bay with a long lease were worth £250,400. The average amount of ground rent was £65 invoiced annually. The lease concluded on 4 March 2090. Considering the 64 years outstanding we calculated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including professional charges.

Colwyn Bay case:

Last year we were phoned by Dr R Phillips , who owned a first floor apartment in Colwyn Bay in April 2000. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Similar flats in Colwyn Bay with 100 year plus lease were valued about £184,000. The average ground rent payable was £55 billed yearly. The lease ended in 2079. Given that there were 53 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 plus professional charges.