Main reasons to start your Deeside lease extension

Why you should commence your Deeside lease extension today:

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

For those whose Deeside home is held on a long lease, our message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to lend with a short lease

Banks and Building Societies have specific criteria when loaning monies secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term falls under a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Deeside property.

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

Regardless of whether you are a tenant or a landlord in Deeside,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Deeside valuers.

Deeside Lease Extension Example Cases:

Isabella, Deeside, Flintshire,

Following protracted correspondence with the landlord of her two bedroom apartment in Deeside, Isabella initiated the lease extension process as the eighty year deadline was fast approaching. The lease extension was concluded in June 2005. The landlord’s costs were negotiated to about 450 GBP.

Deeside case:

In 2011 we were contacted by Mr E Simon who, having bought a purpose-built flat in Deeside in October 2009. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative homes in Deeside with 100 year plus lease were valued around £210,000. The average amount of ground rent was £50 billed every twelve months. The lease came to a finish in 2106. Having 80 years left we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.

Deeside case:

Last month we were e-mailed by Mrs V Evans , who owned a one bedroom apartment in Deeside in March 2011. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Similar premises in Deeside with an extended lease were in the region of £275,000. The mid-range ground rent payable was £45 collected per annum. The lease terminated in 2095. Considering the 69 years unexpired we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.