Main reasons to commence your Deeside lease extension

Main reasons to commence your Deeside lease extension today:

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

On the balance of probabilities where you own a flat in Deeside you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Deeside with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not finance a property with a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Given that plenty of flats in Deeside were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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

Irrespective of whether you are a tenant or a landlord in Deeside,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 Deeside valuers.

Deeside Lease Extension Example Cases:

Jade, Deeside, Flintshire,

Following unsuccessful negotiations with the freeholder of her garden apartment in Deeside, Jade commenced the lease extension process just as the lease was coming close to the critical eighty-year deadline. The legal work was concluded in January 2013. The freeholder’s charges were negotiated to about 500 GBP.

Deeside case:

Mrs Lauren Morris owned a first floor apartment in Deeside in June 2000. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar flats in Deeside with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 invoiced monthly. The lease elapsed in 2098. Considering the 72 years outstanding we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.

Deeside case:

Last Christmas we were called by Mr and Mrs. E Sánchez , who acquired a newly refurbished flat in Deeside in January 2000. The question was if we could estimate the price would be to prolong the lease by an additional years. Comparable premises in Deeside with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced per annum. The lease concluded on 17 January 2087. Considering the 61 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of professional charges.