Top reasons for Colwyn Bay lease extension

Why you should commence your Colwyn Bay lease extension today:

A Colwyn Bay leasehold property depreciates with the years remaining on the lease.

Colwyn Bay leases on domestic properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Colwyn Bay will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and steps to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.

An extended lease is almost 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 further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic as and when you come to dispose of or refinance your property as it will be practically unmortgageable. You may not have an imminent plan to sell but when you do your purchaser will have to hold off for a couple of years before being able to commence the legal procedures for an extension to the lease.

Why use us for your lease extension in Colwyn Bay?

Irrespective of whether you are a tenant or a freeholder in Colwyn Bay,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Colwyn Bay valuers.

Colwyn Bay Lease Extension Example Cases:

Charlotte, Colwyn Bay, Conwy,

Following protracted correspondence with the landlord of her studio flat in Colwyn Bay, Charlotte started the lease extension process just as the lease was coming close to the crucial eighty-year mark. The lease extension completed in October 2013. The freeholder’s fees were kept to an absolute minimum.

Colwyn Bay case:

Last Autumn we were approach by Ms Erin Turner , who acquired a one bedroom flat in Colwyn Bay in May 1998. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable flats in Colwyn Bay with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 collected yearly. The lease finished on 22 August 2102. Having 76 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus fees.

Colwyn Bay case:

Last year we were called by Mr and Mrs. N Evans , who took over the lease of a garden apartment in Colwyn Bay in September 1998. The question was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative residencies in Colwyn Bay with an extended lease were worth £257,800. The average ground rent payable was £65 collected yearly. The lease terminated on 15 January 2091. Taking into account 65 years remaining we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 plus expenses.