Main reasons to commence your Deeside lease extension

Main reasons to start your Deeside lease extension today:

Increase your lease and increase your Deeside property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Deeside may extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Deeside lease extension. Shelving that expense now simply increases the amount you will eventually have to pay to extend the lease.

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This may cause difficulties when you come to market or refinance your property as it will be effectively unmortgageable. Even though you might have no imminent desire to sell but when you do your purchaser will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Deeside?

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

Deeside Lease Extension Example Cases:

Georgia, Deeside, Flintshire,

Off the back of lengthy correspondence with the freeholder of her first floor flat in Deeside, Georgia started the lease extension process just as the lease was coming close to the critical eighty-year deadline. The lease extension completed in August 2014. The freeholder’s costs were kept to an absolute minimum.

Deeside case:

In 2010 we were approached by Mr and Mrs. E Martin who, having owned a studio flat in Deeside in May 2011. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparative premises in Deeside with a long lease were valued around £225,800. The average amount of ground rent was £60 billed monthly. The lease concluded in 2086. Given that there were 60 years left we calculated the premium to the landlord for the lease extension to be within £25,700 and £29,600 not including costs.

Deeside case:

In 2010 we were contacted by Mr and Mrs. G Collins who, having owned a purpose-built flat in Deeside in January 2002. The dilemma was if we could approximate the premium would likely be to extend the lease by a further 90 years. Identical flats in Deeside with 100 year plus lease were worth £210,000. The average ground rent payable was £50 billed every twelve months. The lease lapsed in 2106. Considering the 80 years as a residual term we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.